Tether has invested $1.5 million in Sorted Wallet, a platform that provides access to cryptocurrency to people in emerging markets using simple mobile phones. This investment aims to enhance financial inclusion in regions such as Africa and Southern Asia where many people lack access to traditional banking services.
Tether and Sorted Wallet
Sorted Wallet allows people without bank accounts or limited banking options to use cryptocurrency. The platform works on simple mobile devices, enabling users to store, send, and receive crypto. Notably, the platform does not control users’ funds, making it a secure option for residents of developing regions.
Significance of cryptocurrency in emerging markets
Cryptocurrency is becoming important in regions with limited access to traditional banking services. In places like Africa and parts of Asia, many people rely on cryptocurrency to make faster and cheaper payments, and to protect their savings from unstable local currencies. It also offers an alternative to traditional banking, which can be expensive and inaccessible.
Comment from Tether’s CEO
Tether’s CEO Paolo Ardoino stated that this investment helps expand financial services to underserved communities.
This investment is part of Tether’s expansion efforts in Eastern Europe and the UAE. In June, Tether had also invested $18.75 million in cross-border cryptocurrency exchange XREX to support USDT-based payments in emerging markets.
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