Tether Expands Commitment to Eastern European Markets with New Investment in CityPay.io

Updated: 13 May 2024

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On May 8, 2024, Tether Operations Limited, a leading entity in the digital asset sector, reinforced its operational footprint in Eastern Europe through an enhanced investment in CityPay.io, a prominent payment processor active in over 2000 locations within Georgia. This financial commitment follows a prior investment made in 2023, marking Tether as the first stablecoin company to fund the Georgian payment solutions enterprise.

CityPay.io’s Expansion Plans and Tether’s Strategic Investments

CityPay.io is renowned for providing a fluid payment process to both consumers and businesses, enabling the use of cryptocurrencies for transactions at various venues, including Radisson Hotels. The company has ambitious plans for the next two years, aiming to launch innovative e-wallet and card services that are expected to attract more than 400,000 users. Additionally, CityPay.io is set to establish over 500,000 new cryptocurrency payment points in its targeted expansion areas.

Our initial collaboration with CityPay.io brought forth encouraging developments in the widespread use of cryptocurrencies in Georgia. With this renewed investment, our goal is to enhance these achievements and further the integration of innovative technologies that revolutionize conventional payment frameworks. We are excited to continue our partnership with CityPay.io as we strive to develop a more equitable, interconnected, and accessible global financial ecosystem.

The additional funding from Tether will significantly aid CityPay.io’s strategic growth throughout Eastern Europe. The expansion focuses on countries such as Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan, which are recognized for their dynamic and expanding markets in payment technologies and cryptocurrency adoption.

Paolo Ardoino, CEO of Tether, highlighted the significance of the investment, emphasizing their goal to enhance achievements and further integrate innovative technologies in payment frameworks. He expressed excitement about continuing the partnership with CityPay.io to develop a more equitable, interconnected, and accessible global financial ecosystem.

The announcement highlights another significant move by Tether in its continuous efforts to promote cryptocurrency acceptance and educational initiatives globally, particularly in emerging markets like Georgia and Uzbekistan. Such efforts are indicative of Tether’s ongoing dedication to fostering communities that align with its vision for a globally unified and inclusive financial environment.

Tether Boosts Payment Solutions in Eastern Europe with Additional Investment in https://t.co/14g9wt7PCC ( @citypayio )https://t.co/WSL1GVRhzz

— Tether (@Tether_to) May 8, 2024

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