Tether, a leading player in the stablecoin market, is deepening its commitment to cryptocurrency adoption in Eastern Europe through a new round of investment in the Georgia-based crypto payment provider CityPay.io.
On May 8, Tether announced this fresh injection of funds into CityPay.io, a platform that enables users to utilize cryptocurrencies such as Bitcoin for services at notable chains including Wendy’s and Radisson Hotels.
CityPay.io Gears Up for Eastern European Expansion
This strategic funding aims to bolster CityPay.io’s growth across Eastern Europe, with a focus on markets in Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Since its establishment, CityPay.io has developed a significant footprint, boasting over 600 service locations throughout Georgia. The company is also in the process of launching its own digital wallet and card solutions, which are expected to roll out within the next two years.
CityPay.io’s ambitious plan includes setting up over 500,000 cryptocurrency payment points across its targeted expansion territories. This move is part of a broader strategy to facilitate the widespread use of cryptocurrencies in everyday transactions.
Tether and CityPay.io: A Successful Partnership
Tether’s involvement with CityPay.io began in 2023, marking one of the first instances a major stablecoin firm invested in the payment provider. Tether CEO Paolo Ardoino emphasized the success of their initial collaboration, noting significant advancements in the convenience of cryptocurrency transactions throughout Georgia. With this additional investment, Tether aims to further enhance these achievements and encourage the adoption of innovative technologies that could potentially transform traditional payment frameworks.
The partnership between CityPay.io and Tether has been growing steadily since the initial funding phase. Their collaboration saw the integration of Tether for payments using the Polygon network in October 2023. Additionally, in a move to expand its influence, Ardoino met with governmental officials in Georgia in September 2023.
Earlier in June 2023, Tether had also signed a memorandum of understanding with the Georgian government. This agreement focused on the development of Bitcoin and peer-to-peer payment infrastructures within the country. Georgia, once part of the Soviet Union, has become a hotspot for cryptocurrency activity, earning a reputation as one of the most welcoming environments for crypto enterprises globally.
Georgia Aims to Become a Global Crypto Hub
The Georgian government is keen on positioning the country as a significant hub for the global cryptocurrency market. This vision is supported by the presence of other major crypto firms like Binance, which established a blockchain hub in Georgia in 2023. The country also hosts a substantial network of Bitcoin ATMs, facilitating the easy exchange of crypto and cash. As per the latest data from CoinATMRadar, the capital city Tbilisi alone houses 132 Bitcoin ATMs, reflecting the country’s robust infrastructure to support cryptocurrency usage.