Tether has announced its expansion into Eastern Europe and will invest in a Georgian payment service.
The USDT issuer intends to invest additional funds in the Georgian payment service CityPay.io. The official press release emphasizes that the platform provides services in more than 600 locations throughout Georgia. Through CityPay.io, clients can pay for goods and services with cryptocurrency.
Tether notes that the service plans to introduce new products in the next two years. The company is focused on Georgia and neighboring countries.
“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.”
Paolo Ardoino, CEO of Tether
The company previously invested in CityPay in May 2023. Tether later signed a Memorandum of Understanding with local authorities. The company also supported the education sector in the country by participating in the series A round of the Academy of Digital Industries project.
In both situations, the amount invested remained undisclosed.
Earlier this month, Tether announced that it would implement a USDT transaction monitoring system on the secondary market in collaboration with Chainalysis, a leading blockchain analytics company. A secondary market refers to any transactions using USDT after the release of tokens.