Tether invests $1.5m in Sorted Wallet to boost financial access

by

As a seasoned crypto investor who has witnessed the transformative power of digital currencies in underdeveloped financial landscapes, I find Tether’s latest investment in Sorted Wallet to be both strategic and altruistic. Coming from a background where traditional banking services were sparse and expensive, I can personally attest to the struggle of making simple transactions or protecting one’s hard-earned money.

Tether has invested $1.5 million in Sorted Wallet, a platform that helps people in emerging markets access crypto using simple mobile phones.

As a researcher, I’ve come across a post from Tether (USDT), which outlines their investment strategy. The focus is on enhancing financial inclusion, particularly in areas like Africa and Southern Asia, where a significant number of individuals are underserved by conventional banking systems.

What is Sorted Wallet? 

Sorted Wallet empowers individuals who don’t have traditional bank accounts or have limited banking options by allowing them to utilize cryptocurrencies. It operates efficiently on standard mobile devices, providing a means for users to keep, transfer, and receive digital currencies. Unlike other platforms, it doesn’t manage the funds of its users, ensuring a secure experience for those in underdeveloped regions.

Cryptocurrency plays a significant role in regions where conventional banking services are scarce. In continents like Africa and certain Asian territories, people often utilize cryptocurrencies for swift and affordable transactions, and as a safeguard against volatile local currencies. Furthermore, it serves as an appealing alternative to traditional banking systems which may be costly or difficult to access.

In simpler terms, the CEO of Tether, Paolo Ardoino, stated that this investment will broaden financial opportunities for communities that have traditionally been overlooked.

Backing Sorted Wallet allows people with basic mobile phones access to the financial system they otherwise might not have. Our ambition is to make it possible for anyone, regardless of their location or phone model, to safely handle and use cryptocurrencies, fostering a more secure financial outlook and active involvement in the growing digital economy.

Paolo Ardoino

In June, Tether committed an investment of $18.75 towards cross-border cryptocurrency exchange XREX. This investment aims to strengthen USDT-centric transactions in developing markets. XREX intends to utilize these funds for improving cross-border business payments and partnering with the Unitas Foundation to introduce a gold-backed stablecoin.

This investment followed Tether’s expansion efforts in Eastern Europe and the UAE.

Read More

2024-09-19 19:52