Tether aims to help CityPay.io establish 500,000 crypto payment points in Georgia, Armenia, and surrounding regions.
This collaboration reflects Tether’s commitment to promoting cryptocurrency adoption in developing Eastern European economies.
Tether Operations Limited is strengthening its role in Eastern Europe by increasing its investment in CityPay.io, a payment processing company operating primarily in Georgia. This follows Tether’s 2023 investment, which marked the first instance of a stablecoin company supporting CityPay.io. The payment processor is active in more than 600 locations in Georgia, helping customers pay with cryptocurrency at businesses like Wendy’s and Radisson Hotels.
The new funding aims to support CityPay.io’s growth across Eastern Europe. The company plans to introduce new e-wallet and card solutions, aiming to reach more than 400,000 users. It also intends to establish over 500,000 cryptocurrency payment points in the areas it’s expanding into.
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The expansion will focus on Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan, where cryptocurrency use and new payment technologies are gaining momentum. This investment from Tether will help CityPay.io broaden its reach and encourage wider cryptocurrency adoption.
Paolo Ardoino, Tether’s CEO, expressed optimism about this new investment. He noted that their previous collaboration with CityPay.io expanded cryptocurrency use in Georgia, and this second investment aims to build on those results while advancing technologies that challenge traditional payment systems.
Tether is dedicated to fostering cryptocurrency adoption and education in markets like Georgia and Uzbekistan. By reinforcing its partnership with CityPay.io, Tether is pushing forward its vision of a more accessible global financial system.
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