Tether, the issuer of the top stablecoin USDT, says it has committed more money to Georgia-based Fintech CityPay.io. Tether did not provide further details on the investment, only noting that it was an “additional investment.”
CityPay is said to be active across 600 locations in the country offering payments including crypto. Going forward, CityPay is expected to offer a digital wallet as well as card solutions. Crypto payment points are also said to be in the works.
Additionally, CityPay plans to expand into Eastern Europe including, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
Tether said the investment is emblematic of its initiative to foster cryptocurrency adoption and education in emerging markets worldwide.
Paolo Ardoino, CEO of Tether, said their previous collaboration with CityPay yielded “exciting results.”
“With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems,” said “We are thrilled to collaborate with CityPay.io again in our joint efforts to build a fairer, more connected, and accessible global financial system.”
