Tether Supports CityPay.io With Georgia Expansion Strategy
- Tether has announced an expansion of its footprint in Georgia with an investment in CityPay.io.
- Tether is the first stablecoin to invest in CityPay.io, marking a major milestone for the payment processing sector.
- Around 3% of Georgians possess cryptocurrencies.
According to a press statement issued on Wednesday, Tether, the $83 billion USDT stablecoin’s issuer, has invested an unknown sum in the payment processing company CityPay.io.
The move is seen as a “major milestone” for the payment processing business, benefitting clients across Georgia and the Commonwealth of Independent States.
CityPay.io has enabled USDT as a payment option for users at over 600 establishments in Georgia, including restaurants, stores, and hotels. Tether sent out a tweet. The company partnered with Binance Pay, the payment arm of the world’s biggest crypto exchange, early this year, enabling cryptocurrency purchases.
Tether’s investment is part of a new initiative to spend a portion of its surplus income on Bitcoin (BTC) and infrastructure, payments, and communication projects.
During the first quarter, the corporation posted a net profit of about $1.5 billion. Tether also announced an investment in sustainable energy generation and bitcoin mining in Uruguay earlier this week.
Georgia has emerged as one of the world’s most crypto-friendly nations, with an increasing interest in crypto. Presently, 2.89% of Georgians possess some type of cryptocurrency, demonstrating the country’s extensive acceptance of digital assets.
Almost 130 crypto ATMs are located throughout the nation, making it easier for consumers to conduct transactions. In fact, a July 2022 survey done by Forex Suggest rated Georgia fourth on the list of the world’s most crypto-ready countries.
Tether’s investment in CityPay.io intends to improve the efficiency and ease of Georgia’s payment business, eventually benefitting consumers across the nation and the Commonwealth of Independent States (CIS).
Tether’s Chief Technical Officer, Paolo Ardoino, stated:
“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.”
The new development comes only one day after the stablecoin issuer revealed plans to invest in energy generation and operate sustainable Bitcoin mining operations in Uruguay.
Tether announced intentions earlier this month to invest 15% of its net realized operational earnings in Bitcoin, including regular purchases of BTC and supporting infrastructure.
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