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Tether Expands into Eastern Europe with Investment in Georgian Payment Service
Tether, the issuer of USDT, has announced its expansion into Eastern Europe by investing additional funds in the Georgian payment service, CityPay.io. According to the official press release, CityPay.io operates in over 600 locations across Georgia, allowing clients to pay for goods and services with cryptocurrency.
Tether highlighted plans for CityPay.io to introduce new products over the next two years, with a focus on Georgia and its neighboring countries.
“Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia. With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems,” said Paolo Ardoino, CEO of Tether.
Tether first invested in CityPay.io in May 2023 and later signed a Memorandum of Understanding with local authorities. The company has also supported Georgia’s education sector by participating in the series A round of the Academy of Digital Industries project. The amounts invested in both instances have not been disclosed.
Additionally, earlier this month, Tether announced its collaboration with blockchain analytics company Chainalysis to implement a USDT transaction monitoring system on the secondary market. This system will track transactions involving USDT after the initial release of tokens.
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