Stablecoin powerhouse Tether is boosting its investments in Eastern Europe’s cryptocurrency scene through additional funding for the Georgia-based crypto payment provider CityPay.io.
This development was formally announced on May 8, marking a significant step in CityPay.io’s growth and operational scale.
Tether’s investment into CityPay.io isn’t the company’s first; it follows a prior investment made in 2023 when Tether became one of the first stablecoin firms to back the payment platform.
This platform enables users to use cryptocurrencies like Bitcoin to pay for services at various locations, including Wendy’s and Radisson Hotels.
The latest round of investment aims to enhance CityPay.io’s penetration into the Eastern European markets, with a particular focus on countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
As of May 2024, CityPay.io has established over 600 service points in Georgia alone.
The company has ambitious plans to broaden its services to include e-wallet and card solutions within the next two years and is aiming to set up more than 500,000 cryptocurrency payment points across the planned expansion areas.
“Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia,” said Paolo Ardoino, CEO of Tether, emphasizing the positive outcomes of their initial partnership.
He further stated, “With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.”
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CityPay.io also marked a significant step towards integrating Tether as a payment option on the Polygon network in October 2023.
Additionally, meetings with governmental bodies in Georgia were conducted by CEO Ardoino in September 2023 to discuss expansion plans.
Moreover, Tether has been actively collaborating with the Georgian government since signing a memorandum of understanding in June 2023.
This agreement focuses on developing Bitcoin and peer-to-peer payment infrastructures within Georgia, signaling a robust governmental support for cryptocurrency initiatives.
Georgia’s emergence as a crypto-friendly hub is evident with its welcoming of major cryptocurrency firms like Binance and hosting a significant number of Bitcoin ATMs.
CoinATMRadar indicates that Tbilisi, the capital of Georgia, alone hosts 132 Bitcoin ATMs, highlighting the country’s advanced cryptocurrency infrastructure and its global aspirations in the digital finance arena.
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