Tether Boosts Crypto Payments in Eastern Europe with New Investment
2 min read
Tether Boosts Crypto Payments in Eastern Europe with New Investment
Tether, a prominent stablecoin provider, is increasing its investment in CityPay.io, a crypto payment platform based in Georgia. The additional funding aims to support CityPay.io’s expansion into Eastern Europe, particularly countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Currently, CityPay.io has over 600 locations in Georgia and plans to introduce its own e-wallet and card solutions within the next two years. The company also has ambitious goals of establishing more than 500,000 crypto payment points in the designated expansion regions.
This latest investment follows Tether’s initial investment in CityPay.io in 2023, which made it one of the first stablecoin firms to do so. Paolo Ardoino, the CEO of Tether, expressed excitement about the results achieved from their previous collaboration with CityPay.io and intends to build on those results by driving the adoption of innovative technologies that disrupt traditional payment systems.
CityPay.io and Tether have been closely collaborating since Tether’s first investment last year. In October 2023, CityPay.io integrated Tether for payments on top of Polygon, a layer-2 scaling solution for Ethereum. Tether’s CEO, Ardoino, also held meetings with government officials in Georgia in September 2023 as part of their efforts to expand their presence in the country. In June 2023, Tether signed a memorandum of understanding with the Georgian government to develop Bitcoin and peer-to-peer (P2P) infrastructure in Georgia.
Georgia, once part of the Soviet Union, has emerged as one of the most crypto-friendly countries globally, with aspirations to become a major crypto hub. In addition to Tether, the country has attracted other major cryptocurrency firms like Binance, which established a blockchain hub in Georgia in 2023. Georgia is also notable for hosting a significant number of Bitcoin ATMs, providing users with the ability to convert crypto into cash and vice versa. Currently, the capital city of Tbilisi has 132 Bitcoin ATMs, according to data from CoinATMRadar.
Tether and CityPay.io’s collaboration has been blossoming since last year, and it’s no surprise considering their dedication to disrupting traditional payment systems. Exciting times ahead!
CityPay.io’s plan to establish more than 500,000 crypto payment points is truly ambitious. I can’t wait to see their incredible progress!
The growth of Bitcoin ATMs in Tbilisi is a clear indication of the increasing demand for crypto in Georgia. It’s a great development!
CityPay.io’s upcoming e-wallet and card solutions will definitely make crypto payments more accessible and user-friendly for everyone!
Wow, Tether just keeps throwing money around without any consideration for the potential risks involved.
CityPay.io’s ambitious goals may be unrealistic and risky. Tether should reconsider their investment.
Tether’s CEO, Paolo Ardoino, is a visionary leader. His dedication to driving the adoption of innovative technologies is inspiring! 💡💪
It’s fantastic to see Tether and CityPay.io working closely together to disrupt traditional payment systems. This synergy will drive innovation in the industry!
It’s amazing to see Tether investing in the growth of CityPay.io. Together, they can revolutionize the payment landscape in Eastern Europe!
Wow, this is such an exciting investment by Tether in CityPay.io! It’s great to see companies supporting the expansion of crypto payment platforms in Eastern Europe! 🚀💰
It’s a shame to see Tether supporting a company in a region that may not be ready for widespread crypto adoption.