Tether Operations Limited, a leading digital asset company, is significantly reinforcing its presence across Eastern Europe through a renewed investment in CityPay.io. The announcement follows its initial 2023 funding, marking Tether as the first stablecoin to back this Georgia-based payment processing firm.
Currently active in over 600 locations, CityPay.io delivers seamless crypto payment solutions for businesses like Wendy’s and Radisson Hotels. This additional funding underscores Tether’s commitment to empowering emerging markets by fostering the growth of cryptocurrency adoption.
CityPay.io is set to transform the region’s financial infrastructure over the next two years with its advanced e-wallet and card solutions. The company anticipates an active user base of over 400,000 customers while establishing more than 500,000 crypto payment points. These efforts aim to create efficient payment systems in key countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
Paolo Ardoino, CEO of Tether, emphasized the importance of this partnership:
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.
The strategic investment is geared toward enabling CityPay.io’s expansion into Eastern Europe, a region experiencing significant growth in the adoption of new payment technologies. Tether believes that enhancing crypto infrastructure in these markets will lead to greater accessibility, providing a financial backbone that traditional systems cannot match.
By expanding CityPay.io’s reach, Tether demonstrates its unwavering dedication to creating a fairer and more inclusive financial system. Its ongoing collaboration with CityPay.io symbolizes a collective effort to redefine the global financial landscape through innovative technologies and greater accessibility.
