Tether announces expansion into Eastern Europe, invests in CityPay

As an experienced financial analyst, I see Tether’s expansion into Eastern Europe and investment in CityPay.io as a strategic move that could potentially disrupt traditional payment systems in the region. Georgia, with its over 600 locations for the service, presents an opportune market for cryptocurrency adoption.

As an analyst, I’m excited to share that Tether, the leading stablecoin issuer, has recently announced its plans for expansion into Eastern Europe. Specifically, we will be investing in a payment service based in Georgia as part of our strategic growth initiative.

The entity behind USDT has announced plans to inject further capital into CityPay.io, a Georgian payment system. Notably, CityPay.io caters to over 600 sites nationwide in Georgia. This platform empowers users to settle transactions for goods and services using cryptocurrencies.

According to Tether, the business intends to launch new offerings within the next two years, with a primary focus on markets in Georgia and its surrounding regions.

Through our past partnership with CityPay.io, we achieved remarkable progress in making cryptocurrency transactions more accessible in Georgia. By investing once again, we’re determined to build upon this success and foster the adoption of advanced technologies that challenge conventional payment methods.

Paolo Ardoino, CEO of Tether

As a researcher, I’ve discovered that my company made an investment in CityPay back in May 2023. Later on, Tether entered into a Memorandum of Understanding with local authorities. Additionally, our company took part in the series A round financing for the Academy of Digital Industries project, contributing to the education sector in this country.

In both situations, the amount invested remained undisclosed.

This month, Tether unveiled plans to introduce a USDT transaction monitoring system in partnership with Chainalysis, a prominent blockchain analysis firm, for all USDT trades on the open market. In simpler terms, this applies to any transactions involving USDT that occur after the tokens have been released.

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2024-05-08 19:50