May 31, 2023 - Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, announced today its increased presence in Georgia with an investment in CityPay.io, a leading payment processing company, active in over 600 locations across the country including shops, hotels, restaurants and more.
Georgia is currently seeing rapid growth and interest in cryptocurrency, including increased demand for crypto payment options. It is one of the most crypto-friendly countries in the world, with 2.89% of Georgians owning some form of cryptocurrency. Crypto ATMs are easily accessible to users in most cities, with a total of 130 ATMs situated across the country. In July 2022, a study by Forex Suggest ranked Georgia fourth, on a list of the most crypto-ready nations in the world.
CityPay.io offers a seamless payment experience to customers of Wendy’s and Radisson Hotels, among hundreds of others. By investing in CityPay.io, Tether aims to bring greater efficiency and convenience to the payment industry in Georgia.
Tether is the first stablecoin to invest in CityPay.io, marking an important milestone for the payment processing industry. This investment will enable CityPay.io to expand its operations and improve its services, ultimately benefiting customers across Georgia and CIS.
"We are excited to be working with CityPay.io to bring greater innovation and efficiency to the payment industry in Georgia," said Paolo Ardoino, Chief Technology Officer at Tether. "Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step towards achieving that goal."
"We are thrilled to be joining forces with Tether," said Eralp Hatipoglu, CEO of CityPay.io. "Their investment will enable us to accelerate our growth and bring our services to more customers across Georgia. We look forward to working closely with Tether to bring greater innovation and efficiency to the payment industry."
Tether's investment in CityPay.io is the first step in the company's expanded presence in Georgia. Tether is committed to bringing greater innovation and efficiency to the payment industry in the state and looks forward to announcing further initiatives in the near future.
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