Stablecoin behemoth Tether is doubling down on its commitment to cryptocurrency adoption in Eastern Europe with a fresh injection of investment into the Georgia-based crypto payment provider CityPay.io.
Expanding Crypto Payments in Eastern Europe
Tether’s official announcement on May 8 signifies its increased investment in CityPay.io. CityPay.io is a payment platform that enables users to transact at various establishments, including Wendy’s and Radisson Hotels, using cryptocurrencies such as Bitcoin.
The investment aims to bolster CityPay.io’s foothold in Eastern Europe, particularly targeting countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
Rapid Expansion Plans
With over 600 locations in Georgia alone, CityPay.io has ambitious plans to roll out its own e-wallet and card solutions within the next two years.
The company also aims to establish over 500,000 crypto payment points across the designated expansion regions.
This latest funding round builds upon Tether’s initial investment in CityPay.io in 2023, positioning Tether as one of the pioneering stablecoin firms investing in the company.
Tether CEO Paolo Ardoino expressed optimism about the collaboration, highlighting the positive outcomes of their previous partnership. Moreover, he emphasized the shared goal of advancing innovative technologies that disrupt traditional payment systems.
Tether-CityPay.io Partnership Facilitate Crypto Adoption
The collaboration between CityPay.io and Tether has been evolving since Tether’s initial investment last year. In October 2023, CityPay.io integrated Tether for payments on top of Polygon, enhancing accessibility to cryptocurrency payments.
Moreover, Tether CEO Ardoino engaged in discussions with governmental bodies in Georgia in September 2023, underscoring Tether’s commitment to bolstering its presence in the region.
In a significant move, Tether inked a memorandum of understanding with the Georgian government in June 2023. This MOU aims to develop Bitcoin and peer-to-peer (P2P) infrastructure in the country.
Georgia: A Crypto-Friendly Landscape
Georgia, once part of the Soviet Union, has emerged as a crypto-friendly jurisdiction, with aspirations to become a global crypto hub.
Notably, major cryptocurrency firms like Binance have already established a presence in the country. In 2033, Binance launched a blockchain hub in Georgia.
Georgia’s capital, Tbilisi, boasts a significant number of Bitcoin ATMs, facilitating seamless conversion between crypto and cash. CoinATMRadar data indicates that Tbilisi hosts 132 Bitcoin ATMs, underscoring the country’s robust crypto ecosystem.
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