Tether invests 1.5 million dollars in Sorted Wallet, with the goal of improving financial inclusion and accessibility to crypto in Africa and South Asia.
Tether: the crypto company invests 1.5 million dollars in Sorted Wallet for financial inclusion
Tether, the crypto company behind the world’s largest stablecoin, has announced that it has invested 1.5 million dollars in Sorted Wallet. The goal is to improve financial inclusion and facilitate access to cryptocurrencies in Africa and South Asia.
Tether Invests $1.5 Million in Sorted Wallet to Enhance Financial Inclusion
Learn more: https://t.co/gvFcj1r0l3
— Tether (@Tether_to) September 19, 2024
“Tether invests 1.5 million dollars in Sorted Wallet to improve financial inclusion”
In practice, Sorted Wallet is aimed at users with limited access to advanced technologies, it has been specifically designed for low-power mobile phones and smartphones.
The crypto portfolio aims to bridge the gap for unbanked and underbanked individuals in developing regions. In fact, Sorted Wallet is not bound and promotes economic empowerment and financial inclusion.
Tether: facilitating access to crypto in Africa and Asia with Sorted Wallet
Tether has justified its decision by considering that cryptocurrencies have become a crucial tool for financial inclusion in Africa and South Asia.
Specifically, in Africa, cryptocurrencies have penetrated key markets and have become important for the daily lives of many residents. Central and South Asia and Oceania (CSAO) boast one of the most dynamic and fascinating cryptocurrency markets in the world.
In fact, in the ranking of the crypto adoption 2024 by Chainalysis, the first place is awarded to India. Not only that, among the top 20 countries, 7 belong to the CSAO region.
In any case, in these regions, crypto is enabling faster and more convenient remittances, as well as representing an alternative to unstable local currencies and offering investment opportunities.
In this regard, Paolo Ardoino, CEO of Tether, commented:
“This investment underscores Tether’s commitment to promoting financial inclusion and economic empowerment in underserved regions. By supporting Sorted Wallet, we are opening new opportunities for participation in the financial system for individuals with basic mobile phones. Our goal is to ensure that everyone, regardless of location or type of phone, can manage and use cryptocurrencies securely, enabling them to build a more secure financial future and actively engage in the evolving digital economy.”
The investment in the Middle East
Remaining on the topic of financial inclusion, last month Tether made an investment also to support this mission in the Middle East as well.
In addition to the current 1.5 million dollars for Africa and CSAO, Tether has also invested 3 million dollars in the Kem app to improve access to financial services in the Middle East and North Africa (MENA).
Not only, the Kem app has seen the introduction of USDT to improve economic conditions in various Gulf countries, such as Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq.
In fact, with millions of expatriates living and working in these nations, access to USDT through the Kem app could offer an effective solution against hyperinflation and economic instability in various economies.
With this investment of 1.5 million dollars, Tether intends to promote a more connected and inclusive global financial landscape, enabling Sorted Wallet to expand its reach.
This also reflects Tether’s commitment to leading the growth of digital finance and promoting innovative solutions that meet the financial needs of underserved populations around the world.
