Tether, the company behind the widely used stablecoin, has recently announced its increased presence in Georgia through an investment in CityPay.io. This investment is a significant milestone for the payment processing industry as Tether becomes the first stablecoin to invest in CityPay.io, a leading payment processing company operating in over 600 locations across the country.
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Georgia has emerged as one of the most crypto-friendly countries in the world, with a growing interest in cryptocurrency. Currently, 2.89% of Georgians own some form of cryptocurrency, showcasing the widespread adoption of digital assets in the nation.
Access to crypto is made easy with over 130 crypto ATMs available across the country, ensuring convenient transactions for users. In fact, a study conducted by Forex Suggest in July 2022 ranked Georgia fourth on the list of the most crypto-ready nations globally.
CityPay.io has been revolutionizing the payment experience for customers in various established retail & hospitality locations, including prominent names like Wendy's & Radisson Hotels.
Through the investment from Tether, CityPay.io aims to enhance efficiency and convenience within Georgia's payment industry, ultimately benefiting customers across the country and the Commonwealth of Independent States (CIS).
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"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.
Paolo Ardoino, CTO at Tether
Eralp Hatipoglu, the CEO of CityPay.io, also expressed enthusiasm about joining forces with Tether. The investment from Tether will enable CityPay.io to accelerate its growth and expand its services to reach more customers across Georgia. Together, Tether and CityPay.io aim to bring greater innovation and efficiency to the payment industry in the country.
This investment in CityPay.io marks the initial step in Tether's expanded presence in Georgia. As a company committed to driving innovation and efficiency in the payment industry, Tether looks forward to announcing further initiatives in the near future.
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With Tether's investment and CityPay.io's expertise in payment processing, Georgia's payment industry is set to experience advancements that will benefit both businesses and customers. The collaboration between these two industry leaders paves the way for a more seamless and convenient payment experience in Georgia, further solidifying the country's position as a crypto-friendly nation.
As Tether continues to expand its presence in Georgia, the company remains committed to bringing greater innovation and efficiency to the payment industry. With their shared vision and commitment to progress, Tether and CityPay.io are poised to make significant contributions to Georgia's growing crypto ecosystem.
