Tether has revealed plans to expand its operations into Eastern Europe, with a particular focus on investing in a payment service based in Georgia.
The issuer of USDT has expressed its intention to inject further capital into CityPay.io, a Georgian payment platform. According to the official announcement, CityPay.io operates in over 600 locations across Georgia, enabling clients to conduct transactions using cryptocurrency.
Tether has highlighted that CityPay.io is set to launch new products over the next two years, underscoring its commitment to the Georgian market and surrounding regions.
“Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia. With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.”
~ Paolo Ardoino, CEO of Tether
The company had previously made an investment in CityPay in May 2023. Subsequently, Tether signed a Memorandum of Understanding with local authorities. Additionally, the company contributed to the education sector in the country by participating in the series A round of the Academy of Digital Industries project. The specific amounts invested in both instances were not disclosed.
Earlier this month, Tether revealed plans to introduce a USDT transaction monitoring system for the secondary market, in partnership with Chainalysis, a prominent blockchain analytics firm. The secondary market comprises transactions involving USDT after the tokens have been issued.
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