Crypto news: Tether has announced that it has invested 18.75 million dollars in XREX Group, to promote financial inclusion in emerging markets.
Tether: the crypto company invests in XREX to promote financial inclusion in emerging markets
Tether, the crypto company behind the largest stablecoin USDT, has announced that it has invested 18.75 million dollars in XREX Group. The main objective is to promote financial inclusion in emerging markets.
Tether Invests $18.75M in XREX Group to Drive Financial Inclusion in Emerging Markets
Learn more: https://t.co/R1rs7ZPoZc
— Tether (@Tether_to) June 5, 2024
“Tether invests 18.75 million dollars in XREX Group to promote financial inclusion in emerging markets”
In practice, the new collaboration aims to facilitate cross-border payments based on USDT in emerging markets and to innovate regulatory technology.
Specifically, the investment will serve XREX Group to revolutionize financial transactions and to offer businesses greater ease, efficiency, and potentially lower costs.
Not only that, XREX will work with the Unitas Foundation to launch XAU1, a unified stablecoin pegged to the USD, over-reserved with Tether Gold (XAUt), which will provide customers with a stable alternative and a hedge against inflation.
Tether with XREX Group to support crypto users in emerging markets
The collaboration signed by Tether and XREX Group will also commit to promoting innovation in Regulatory Technology (RegTech), improving solutions to identify and prevent the illicit use of stablecoins.
In this way, the two companies will try to create an environment that is safe, accessible, and reliable for all cryptocurrency users in emerging markets.
In this regard, Paolo Ardoino, CEO of Tether, commented as follows:
“The strategic investment of Tether in XREX Group testifies to our constant commitment to promoting financial inclusion in emerging markets. Our collaboration with XREX will lead to several innovative initiatives, including the launch of a new unified stablecoin by the Unitas Foundation and the facilitation of cross-border payments based on USDT, establishing a new standard for financial accessibility and efficiency in the region.
This latest investment aligns with Tether’s long-term vision of building a resilient infrastructure that extends beyond the boundaries of the cryptocurrency market, as demonstrated by our diversified investments in various industrial sectors.”
The investment in Bitcoin mining: 100 million dollars in shares for Bitdeer
Recently, Tether also announced another investment for Bitdeer, dedicated to enhancing its mining operations and processing capacity.
In fact, Tether would have agreed on the purchase of shares of the Bitcoin miner, Bitdeer, for a total of 150 million dollars.
In reality, Tether would have acquired 100 million dollars in initial shares, plus a warrant for the purchase of an additional 5 million shares at 10 dollars each within 12 months, that is another 50 million dollars.
The Bitcoin mining company, Bitdeer, has already stated that it intends to use the proceeds to finance the expansion of its data center and the development of ASIC-based mining facilities, being the company headquartered in Singapore.