BAKU, Azerbaijan, May 9. Tether has announced an additional investment in "CityPay.io" to strengthen its presence in Eastern Europe [South Caucasus and Central Asian countries], Trend reports.
According to information in Georgian media, CityPay currently provides payment solutions, including cryptocurrency. Fintech anticipates providing digital wallet and card solutions in the future.
"We hope to build on these accomplishments and encourage the adoption of sophisticated technologies that are disrupting payment systems with this new investment," CEO Paolo Ardoino of Tether commented.
Additionally, it is emphasized that Tether's financial support is crucial for CityPay.io's growth in key markets such as Georgia, Azerbaijan, Kazakhstan, and Uzbekistan. The objective is to enter dynamic emerging markets where the use of payment technologies and cryptocurrencies is increasing significantly.
To note, CityPay.io provides traditional institutions with the infrastructure to accept cryptocurrency payments and was the first company to receive funding from a stablecoin-backed company. The company currently has 400,000 users and plans to create more than 500,000 cryptocurrency payment acceptance points during its expansion.
Besides, Tether was founded by a group of bitcoin enthusiasts and early adopters who were passionate about making fiat currencies easier to use digitally. The company launched Tether.to in 2014, a blockchain-enabled platform designed to disrupt the traditional financial system by offering a more modern approach to money.
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