Tether – the issuer of stablecoin USDT – announced expanding its presence in Georgia with an investment in a payment processing company called, CityPay.io.
The move is deemed as an “important milestone” for the payment processing industry benefiting customers across Georgia and CIS.
- According to the official blog post, Tether aims to bring greater efficiency and convenience to the payment industry in Georgia with the latest investment.
- Commenting on the development, Paolo Ardoino, Chief Technology Officer at Tether, said,
“Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step towards achieving that goal.”
- Tether said the investment in CityPay.io is the first step towards its expansion in the transcontinental country, which is reportedly one of the most crypto-friendly countries in the world.
- In fact, data cited by the Tether revealed that nearly 3% of Georgians own some form of cryptocurrency.
- Crypto ATMs are also easily accessible to users in most cities, with a total of 130 ATMs located across the country.
- Meanwhile, a study conducted by Forex Suggest ranked Georgia as the fourth most crypto-ready nation in the world.
- The latest development comes a day after the stablecoin issuer announced investing resources into energy production and the launch of sustainable Bitcoin mining operations in Uruguay.
- Earlier this month, Tether outlined plans to allocate 15% of its net realized operating profits in Bitcoin, including regular purchases of BTC and funding infrastructure.
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