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Tether Partnership with CityPay.io Strengthens Eastern Europe's Crypto Scene. 🤝💸👀
In a move to deepen its involvement in Eastern Europe's burgeoning cryptocurrency market, Tether, a leading stablecoin provider, has announced additional funding for CityPay.io, a Georgian crypto payment platform. This investment follows Tether's initial backing of CityPay.io in 2023, reaffirming its dedication to the platform's growth.
CityPay.io facilitates the use of cryptocurrencies such as Bitcoin for transactions at various businesses, including popular chains like Wendy’s and Radisson Hotels. This move aims to enhance convenience and accessibility for crypto enthusiasts across Eastern Europe, with a particular focus on countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
With over 600 service points already established in Georgia alone, CityPay.io is poised for further expansion. Plans include the introduction of e-wallet and card solutions within the next two years, along with the ambitious goal of setting up more than 500,000 cryptocurrency payment points across the region.
Paolo Ardoino, CEO of Tether, expressed optimism about the partnership, citing previous successes in expanding cryptocurrency adoption in Georgia. This collaboration also underscores Georgia's supportive stance towards cryptocurrency initiatives, with CityPay.io actively engaging with governmental bodies in the country. A memorandum of understanding signed with Tether in June 2023 focuses on developing Bitcoin and peer-to-peer payment infrastructures within Georgia.
Georgia's reputation as a crypto-friendly hub continues to grow, with major firms like Binance establishing a presence and the proliferation of Bitcoin ATMs in cities like Tbilisi. This collaboration between Tether and CityPay.io not only reflects the increasing adoption of cryptocurrencies but also highlights the potential for further innovation and integration within Eastern Europe's evolving crypto landscape.
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