Tether invests $1.5M in Sorted Wallet to boost crypto access for unbanked users in Africa and Southern Asia via low-tech phones.
Crypto adoption rises in Africa and Southern Asia, with India’s transactions hitting $268.9B in June 2023, driving financial inclusion.
Sorted Wallet, backed by Tether, empowers low-tech users with secure, non-custodial crypto solutions, transforming digital finance access.
Tether Operations Limited has announced a strategic investment of $1.5 million in Sorted Wallet, one of the leading digital asset industry participants.. It would aid users in emerging markets, particularly in Africa and Southern Asia, in achieving easier cryptocurrency access. With Sorted Wallet, transactions will be effortless and, more importantly, secure, thus bridging the financial gap created for underbanked and unbanked people of these regions.
Sorted Wallet's platform, which is optimized for feature phones and other low-powered smartphones, provides a non-custodial solution for users in low-tech environments. As such, the company wants to easily enable people who have thus far been excluded from services promoting financial inclusion.
The deal also aligns with Tether's continued commitment to increased financial inclusion worldwide, where adequate banking infrastructure is unavailable. The company described cryptocurrency as an essential driver for financial inclusion because it enables the users of countries lacking banking services to perform secure financial transactions.
Crypto Adoption Rises in Africa and Southern Asia
Cryptocurrency adoption has consolidated, especially in lowly, traditionally banked-dense regions such as Africa and Southern Asia. In Africa, cryptocurrencies have already started to play an important role in the residents' day-to-day financial activities. Central and Southern Asia also have lively cryptocurrency markets, where India leads the transaction volume. As of June 2023, it is estimated that the volume of transactions in India has reached approximately $268.9 billion.
These digital currencies provide several advantages, from faster remittances to stable alternatives against volatile local currencies and further investment opportunities. While the challenges with regulation remain, the growth in cryptocurrency adoption continues as people look for effective ways to manage their finances. For those with basic mobile phones, access to cryptocurrency is a way into the global financial system, affording them access to financial inclusion they otherwise could not have.
The investment by Tether is likely to further fuel the growth of Sorted Wallet, with the ability to expand its offering to more users. The strategic alignment strengthens Tether's commitment to furthering economic empowerment and financial inclusion in developing regions. This investment opens up avenues for people with less access to technology to store and use cryptocurrency more safely, according to Paolo Ardoino, chief executive officer at Tether.
Sorted Wallet and Tether Enhance Financial Inclusion
From less than 70,000 downloads within a year of its launch in 2023, Sorted Wallet is seeing great growth. Its instinctive design caters to people with very poor access to modern financial instruments, considering that this wallet is designed to be user-friendly and secure. Meeting the special needs of unbanked and underbanked communities will help Sorted Wallet change the face of digital finance in emerging markets. The application enables safe cryptocurrency transactions, fostering economic inclusion for populations traditionally excluded from the economic mainstream.
This investment goes toward the growing trend in the cryptocurrency market, with new solutions catering to various financial needs of different groups. Focused on areas with minimal banking infrastructure, Tether, and Sorted Wallet now work together to create avenues toward economic progress through digital finance.
According to Stephen Browne, the CEO of Sorted Wallet, this could be a game-changer in that one does not necessarily have to own one of the newest smartphones before taking ownership of their finances. Now supported by Tether, Sorted Wallet is positioning itself to make its vision of increasing livelihoods for millions across Africa and Southern Asia real while further cementing cryptocurrency's place as the alternative means for approaching life's financial ways.
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