As an experienced financial analyst following the cryptocurrency market closely, I am particularly intrigued by Tether’s strategic investment in CityPay.io in Eastern Europe. This region holds immense potential for crypto adoption due to its unique economic and political circumstances.
As a financial analyst, I’m observing that Tether, a leading stablecoin player, is amplifying its commitment to cryptocurrency acceptance in Eastern Europe through an added investment in CityPay.io, a crypto payment provider based in Georgia.
On May 8, Tether made public their decision to invest further in CityPay.io, a user-friendly payment system that enables transactions with establishments such as Wendy’s and Radisson Hotels using digital currencies like Bitcoin (BTC).
As a crypto investor, I would describe it this way: I’m excited about the opportunity to invest in CityPay.io’s growth strategy. Specifically, this investment is earmarked for deepening our presence in Eastern Europe. Our primary targets are countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. I believe that by strengthening our foothold in these markets, we can unlock significant potential for CityPay.io’s business expansion.
By May 2024, CityPay.io will have over 600 physical locations in Georgia. Within the next two years, the company intends to introduce its own electronic wallet and card services. Furthermore, CityPay.io aims to set up approximately 500,000 crypto-enabled payment terminals across its expansion areas.
In more straightforward terms, Tether’s recent investment in CityPay.io marks a new financing round for the company, following Tether’s 2023 commitment as one of the pioneering stablecoin firms to back it.
As a researcher exploring collaborative projects in the realm of cryptocurrencies, my team and I experienced significant progress in our partnership with CityPay.io. In Georgia, we achieved remarkable results, making cryptocurrency transactions more convenient for users.
“With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.”
As an analyst, I’ve noticed a close collaboration between CityPay.io and Tether since the latter made its initial investment in the former last year.
In October 2023, CityPay.io introduced the capability to process Tether payments using Polygon. Meanwhile, Tether’s CEO, Ardoino, met with Georgian authorities in September 2023 as part of expanding the company’s influence in that country.
In June 2023, Tether entered into an agreement with the Georgian authorities for the creation of Bitcoin and P2P (peер-то-пеер) technology framework in Georgia.
Georgia, once a part of the Soviet Union, is now positioning itself as a leading global destination for cryptocurrencies. The local administration harbors aspirations to establish this Eastern European country as a significant crypto hub in the world.
In addition to Tether, significant cryptocurrency companies like Binance have established a presence in Georgia. Binance, for instance, opened a blockchain innovation center within the country back in 2023.
Georgia is renowned for having a large number of Bitcoin Automated Teller Machines (ATMs). These machines enable users to swap their cryptocurrency for cash or change cash into crypto. As per CoinATMRadar’s statistics, Tbilisi, the Georgian capital, currently has 132 such Bitcoin ATMs operational.
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2024-05-08 17:20