Tether will invest in CityPay.io payment company for the development in Georgia

According to the company’s plan, the initiative will improve the convenience of crypto payments, including in the CIS

31.05.2023 - 15:45

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2 min

What’s new? Tether, the issuer of the largest centralized USDT stablecoin, will expand its presence in Georgia by investing in cryptocurrency payment company CityPay.io. The investment will allow CityPay.io to expand operations and improve products, which will improve the efficiency and convenience of the payment industry in Georgia and further into the CIS, according to a press release.

Tether’s press release

Why did Tether choose this direction? Representatives of the issuer called Georgia one of the most crypto-friendly countries, noting that in the relevant rating of Forex Suggest researchers from July 2022, it ranked fourth. The country also has a growing demand for making payments in digital assets, and according to the latest Tether data, 2,89% of its citizens own various cryptocurrencies. In addition, there are 130 crypto ATMs located throughout Georgia, and residents in most cities have access to them.

CityPay.io was chosen for the collaboration because it shares Tether’s vision of developing an accessible financial environment, said CTO Paolo Ardoino.

Tether plans to further expand its presence in Georgia, and will soon announce new initiatives and partnerships.

What is known about CityPay.io? Launched in 2020, the company is founded by Beka Kemertelidze and Eralf Hatipoglu. It provides fully anonymous international crypto payments for businesses. Its customers include fast-food restaurant chain Wendy’s and Radisson hotels.

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Earlier in May, Tether launched month-long blockchain education courses at Georgia’s Business and Technology University (BTU). Lectures will be given by both local and foreign experts. The company will also invest in renewable energy production and bitcoin mining in Uruguay.

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