8 May 2024 – Tether Operations Limited, the largest company in the digital asset industry, announced today that it will bolster its presence across Eastern Europe with an additional investment into CityPay.io. This leading payment processing company is active in more than 2000 locations across Georgia. The injection of funding follows Tether’s 2023 investment into CityPay.io, when it became the first stablecoin to invest in the Georgia-based payment solutions provider.

CityPay.io offers customers and businesses a seamless payment experience, enabling them to pay with cryptocurrency at establishments such as Radisson Hotels. Over the next two years, CityPay.io plans to unveil pioneering e-wallet and card solutions,  poised to captivate a user base exceeding 400,000 users. The company also intends to establish more than 500,000 crypto payment points throughout the designated expansion regions.

Tether’s investment will significantly bolster CityPay.io’s expansion into Eastern Europe. Focused primarily on countries including Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan, this expansion targets vibrant emerging markets with significant growing use of payment technologies and cryptocurrencies. 

“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. “We are thrilled to collaborate with CityPay.io again in our joint efforts to build a fairer, more connected, and accessible global financial system.” 

Today’s announcement marks the newest step in Tether’s ongoing endeavors to foster cryptocurrency adoption and education in emerging markets worldwide, including in Georgia and Uzbekistan. Initiatives of this nature underscore Tether’s unwavering commitment to empowering communities who share the company’s vision of a more interconnected and inclusive financial landscape.

To learn more, visit Tether.io.