Tether, the leading stablecoin provider, is expanding its support for cryptocurrency adoption in Eastern Europe through additional investment in CityPay.io, a crypto payment provider based in Georgia. On May 8, Tether officially announced its injection of funds into CityPay.io, a platform that enables users to pay for services at various establishments, including Wendy’s and Radisson Hotels, using cryptocurrencies like Bitcoin (BTC). This investment aims to bolster CityPay.io’s expansion into Eastern European countries such as Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
CityPay.io currently operates over 600 locations in Georgia and plans to introduce its own e-wallet and card solutions within the next two years. Additionally, the company has ambitious plans to establish more than 500,000 crypto payment points across the designated expansion regions. Tether’s recent funding follows its initial investment in CityPay.io in 2023, making Tether one of the first stablecoin firms to invest in the company. Tether CEO Paolo Ardoino expressed excitement about the results of their previous collaboration with CityPay.io in expanding the use of cryptocurrencies in Georgia.
Tether and CityPay.io have been closely cooperating since Tether’s initial investment last year. In October 2023, CityPay.io integrated Tether for payments on top of Polygon. Tether CEO Ardoino also engaged in meetings with governmental structures in Georgia in September 2023 to enhance Tether’s presence in the country. Furthermore, in June 2023, Tether signed a memorandum of understanding with the Georgian government to develop Bitcoin and peer-to-peer infrastructure in Georgia.
Georgia, a former member of the Soviet Union, has emerged as a crypto-friendly country and aims to become a major global crypto hub. In addition to Tether, Georgia has welcomed other major cryptocurrency firms, including Binance, which established a blockchain hub in the country in 2023. The country is renowned for its numerous Bitcoin ATMs, with the capital city of Tbilisi currently hosting 132 ATMs where users can convert crypto into cash and vice versa, according to CoinATMRadar data.
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