13 August 2024 — Tether Operations Limited, the largest company in the digital asset industry, is announcing a $3 million strategic investment in the Kem app, a platform designed for money transfers and financial management. This collaboration will see Kem App introduce USD₮ on its platform to drive widespread adoption in the Middle East. This marks a significant milestone in Tether’s mission to revolutionize traditional payment systems and foster financial inclusion on a global scale.
The Middle East and North Africa (MENA) has the sixth largest crypto economy of any region, with an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. This represents nearly 7.2% of global transaction volume during this period. Crypto has been a central area of focus for several Gulf countries, particularly Dubai and Abu Dhabi.
With the launch of USD₮ on its platform, this investment aims to improve economic conditions in neighboring countries such as Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. Millions of expatriates in these regions would also benefit from using USD₮ and accessible financial services, alleviating concerns about hyperinflation and economic instability.
Through this investment, residents of the GCC will have more convenient access to USD₮, utilizing established consumer financial platforms like the Kem app, which is known for enabling seamless cross-border transactions. Tether’s investment underscores its commitment to expanding accessibility and fostering global financial inclusion. This initiative also signifies a strategic expansion into the Middle East market, with Kem serving as a regional asset.
Tether is constantly working towards enabling a decentralized ecosystem that encompasses everyday consumer services. These initiatives include projects like Pear Credit, a transparent accounting system that leverages peer-to-peer technology to reach high scalability and resilience; HolePunch, a platform for peer-to-peer applications; Keet, a free peer-to-peer instant messaging application that works without the need for centralized entities on any device including a significant investment in generative AI cloud platforms.
Paolo Ardoino, CEO of Tether, said, “This investment reinforces Tether’s commitment to promoting financial inclusion and stability. We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services. Our investment in Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”
This collaboration sets the stage for Kem to enhance its offerings and better serve millions of underserved businesses throughout the Middle East. By incorporating cryptocurrencies into its platform, Kem aims to replicate the success of financial platforms offering cryptocurrencies in other markets, driving mass adoption and fostering a more inclusive banking landscape in the Gulf region.
