Tether expands presence in Georgia with investment in payment processing company

Tether – the issuer of the stablecoin USDT – announced the expansion of its presence in Georgia with an investment in a payment processing company called Citypay.io.

The move is considered a “significant milestone” for the payments processing industry, benefiting customers in Georgia and the CIS.

• according to official blog postTether aims to bring greater efficiency and convenience to the payments industry in Georgia with the latest investment.
• Commenting on the development, Paolo Ardoino, Tether’s Chief Technology Officer, said,

“Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step toward achieving that goal.”

• Tether said the investment in CityPay.io is the first step towards its expansion in the transcontinental country, which is reportedly one of the most crypto-friendly countries in the world.
• In fact, data cited by Tether shows that around 3% of Georgians own some form of cryptocurrency.
• Crypto ATMs are also easily accessible to users in most cities with a total of 130 ATMs located across the country.
• Meanwhile, a study by Forex Suggest ranked Georgia as the fourth most crypto-ready nation in the world.
• The latest development comes a day after the stablecoin issuer invested resources in energy production and launched sustainable bitcoin mining operations in Uruguay.
• Earlier this month, Tether outlined plans to allocate 15% of its net realized operating profit to bitcoin, including regular BTC purchases and funding infrastructure.

Tether – the issuer of the stablecoin USDT – announced the expansion of its presence in Georgia with an investment in a payment processing company called Citypay.io.

The move is considered a “significant milestone” for the payments processing industry, benefiting customers in Georgia and the CIS.

• according to official blog postTether aims to bring greater efficiency and convenience to the payments industry in Georgia with the latest investment.
• Commenting on the development, Paolo Ardoino, Tether’s Chief Technology Officer, said,

“Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step toward achieving that goal.”

• Tether said the investment in CityPay.io is the first step towards its expansion in the transcontinental country, which is reportedly one of the most crypto-friendly countries in the world.
• In fact, data cited by Tether shows that around 3% of Georgians own some form of cryptocurrency.
• Crypto ATMs are also easily accessible to users in most cities with a total of 130 ATMs located across the country.
• Meanwhile, a study by Forex Suggest ranked Georgia as the fourth most crypto-ready nation in the world.
• The latest development comes a day after the stablecoin issuer invested resources in energy production and launched sustainable bitcoin mining operations in Uruguay.
• Earlier this month, Tether outlined plans to allocate 15% of its net realized operating profit to bitcoin, including regular BTC purchases and funding infrastructure.