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Highlights
- Tether is expanding its payments reach in the European Union
- The firm has doubled down on its investments on CitiPay to achieve this feat
- The stablecoin issuer has been diversifying its investments lately
USDT issuer Tether has announced plans to extend its presence across Eastern Europe. The crypto firm intends to achieve this feat with an additional investment in the payment processing platform CitiPay.io. Notably, this is not Tether’s first time the stablecoin issuer is injecting capital into CitiPay.
Both firms have a relationship that go way back to 2023. This was the time Tether became the first stablecoin to invest in the Georgia-based payment solutions provider.
Tether Eyeing Diversified Investments
The decision to move into the Eastern Europe comes only a few weeks after the stablecoin issuer unveiled its journey to expand its services beyond stablecoins. Tether indicated its interest in delving into a range of infrastructure solutions including data, finance, power, and education.
The exact value of the investment in yet to be made public. However, but Tether highlighted that it would play a huge role in enhancing CitiPay.io’s expansion in the proposed region. At the moment, CitiPay.io already offers its services to users in several jurisdictions. Among its goals is the focus to provide users with convenient payment services.
For context, CitiPay.io customers can pay for services offered by establishments such as Wendy’s and Radisson Hotels with their crypto holdings. The startup intends to expand its services within the next two years to include e-wallet and card solutions. This is likely to attract a user base of more 400,000 users, according to CitiPay.io.
As part of the deal with Tether, the firm is also working on establishing about 500,000 crypto pay points in regions that fall under its expansion. This includes Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Looking at the countries featured on the list, it suggests that CitiPay.io is focused on emerging markets that are committed to the use of payment technologies and cryptocurrencies.
Tether Bolstering Presence in the Crypto Market
Tether is positive about the prospects of this alliance in the long run. The stablecoin issuer drew its inferences from the previous investment made into CitiPay.io.
“Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia,” Tether CEO Paul Ardoino said. “With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.”
Markedly, this is only one out of the many investments that Tether has recorded in the last few months. Less than two weeks ago, Tether announced a strategic investment of $200 million in Blackrock Neurotech to boost brain-computer interface (BCI) technology. This company is a prominent rival of Elon Musk’s neural implant firm Neuralink.
Generally, Tether appears to be regaining its position in the crypto market. Its last attestation report for the first quarter of FY24 underscores this sentiment.
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