Fintech
Tether Plans to Invest More in CityPay.io to Drive Expansion in Eastern Europe – DL News
- Tether to make the second investment in CityPay.io.
- Investment amounts not disclosed.
- Tether has seen “exciting results” from the first collaboration.
Tether, USDT issuer She said will increase its presence in Eastern Europe by investing more in Georgian payment service CityPay.io, through which users can pay for goods and services with cryptocurrencies.
The payment processing company is active in more than 2,000 locations across Georgia, Tether said, and the additional funding follows its Investment 2023when it became the first stablecoin to invest in the company.
Tether’s investment will spur CityPay.io’s expansion in the region, which mainly focuses on Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan.
Paolo Ardoino, CEO of Tether, said: “Our previous collaboration with CityPay.io has produced exciting results in expanding the convenient use of cryptocurrency across Georgia. With this second investment we aim to build on these results and promote the adoption of cutting-edge technologies that disrupt traditional payment systems.”
Development
Over the next two years, CityPay.io plans to develop e-wallet and card solutions and establish more than 500,000 crypto payment points across the designated expansion region.
Tether investment amounts were not disclosed.