USDT issuer Tether said it will increase its presence in Eastern Europe by investing more in Georgian payment service CityPay.io, through which users can pay for goods and services with crypto.
The payment processing company is active in more than 2,000 locations across Georgia, Tether said, and the additional funding follows its 2023 investment, when it became the first stablecoin to invest in the company.
Tether’s investment will boost CityPay.io’s expansion in the region, which is focused primarily on Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
Paolo Ardoino, CEO of Tether, said: “Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia. With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.”
Development
Over the next two years, CityPay.io plans to develop e-wallet and card solutions and establish more than 500,000 crypto payment points throughout the designated expansion region.
The amounts of Tether’s investments were not disclosed.
