Tether invests in the Sorted Wallet non-custodial crypto wallet

What’s new? Tether announced a $1,5 million strategic investment in Sorted Wallet, a platform designed to provide easy access to cryptocurrencies for users in emerging markets. The funds will be used to expand access to financial services in Africa and South Asia.

Press release

What else is known? Sorted Wallet provides a non-custodial crypto wallet and provides secure crypto transactions. It targets users in developing regions without access to banking services, and the app is adapted to run on low-powered outdated smartphones.

The press release notes that the initiative aligns with Tether’s mission to improve global financial inclusion in regions with little or no banking infrastructure.

“Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy,” said Tether CEO Paolo Ardoino.

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The company noted that cryptocurrency is becoming an essential tool for expanding access to financial services in countries with weak banking. It increases the availability and speed of money transfers, acts as an alternative to unstable local currencies, and offers investment opportunities. Despite regulatory challenges, cryptocurrencies continue to grow in popularity as people seek more efficient financial solutions, Tether emphasized.

At the moment, the Central and South Asia and Oceania (CSAO) region is becoming one of the most dynamic and attractive cryptocurrency markets in the world. According to Chainalysis, over the past year, the inflow of crypto assets in CSAO amounted to $750 billion or 16,6% of the global volume. The region is behind only North America and Western Europe in this figure.

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Tether is the issuer of the largest centralized USDT pegged stablecoin, the asset is the third-largest cryptocurrency by capitalization at over $119,2 billion, behind only BTC and ETH.

The company also has bitcoin mining and blockchain education divisions. In June, it launched a new educational initiative for students in Taiwan.