Tether scales crypto payments in Eastern Europe with new investment

[jrrsparkles]

The new investment aims to strengthen CityPay.io’s expansion into Eastern Europe, specifically into Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan.

Stablecoin giant Tether is increasing its bets on cryptocurrency adoption in Eastern Europe with additional investment in the Georgia-based crypto payment provider CityPay.io.

Tether officially announced on May 8 the injection of additional investment into CityPay.io, a payment platform allowing users to pay for services at places like Wendy’s and Radisson Hotels with cryptocurrencies like Bitcoin

The investment is designed to further strengthen CityPay.io’s expansion into Eastern Europe, focusing primarily on Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan.

As of May 2024, CityPay.io has more than 600 locations in Georgia and plans to launch its own e-wallet and card solutions in the next two years. The firm also has big ambitions to establish more than 500,000 crypto payment points throughout the designated expansion regions.

The latest funding follows Tether’s 2023 investment into CityPay.io, when Tether became one of the world’s first stablecoin firms to invest in the company.

Tether scales crypto payments in Eastern Europe with new investment

It seems Tether found one more ways to make real profit while also help with the adoption of cryptocurrencies especially bitcoin by allowing the users to pay in the desired crypto with app called CityPay.

[Husires]

I've never heard of CityPay.io before, but it sounds like something similar to Binance Pay or other payment processing services.
Why would Tether invest in such services when it can expand by purchasing rechargeable payment cards such as Visa and MasterCard, and with their stable currency, it may be an attractive option for many investors?

[jrrsparkles]

I've never heard of CityPay.io before, but it sounds like something similar to Binance Pay or other payment processing services.
Why would Tether invest in such services when it can expand by purchasing rechargeable payment cards such as Visa and MasterCard, and with their stable currency, it may be an attractive option for many investors?

Probably due to the restrictions from regulatory frameworks so they needed a company which was already there to achieve what they wanted, just assumption though. Still it paid off for their investment that is why they are interested in expanding further.

[Orpichukwu]

I've never heard of CityPay.io before, but it sounds like something similar to Binance Pay or other payment processing services.
Why would Tether invest in such services when it can expand by purchasing rechargeable payment cards such as Visa and MasterCard, and with their stable currency, it may be an attractive option for many investors?

Probably due to the restrictions from regulatory frameworks so they needed a company which was already there to achieve what they wanted, just assumption though. Still it paid off for their investment that is why they are interested in expanding further.

Just as every other company does have partners, I also believe that's what Tether offers; they don't need to be directly involved in the company, but their funds are working for them, as they also have some legal agreements with the Georgia government on their need for expansion in the country.
 
This is also the first time I have heard about CityPay, but from what I just read in the article, they have already been in existence since there are a large number of active payment processors, which is a great audience, and they believe now is the best time to launch other services that can aid the company more, like the crypto card they propose and the rest of them. Currently,  I think they are the leading crypto payment processors in Georgia, so Tether probably has foreseen their investment return in the near future.

[batang_bitcoin]

Well, they can invest in other potential competitors that they are seeing for every country that has the same service that they're focusing on. They've got to say unlimited money to invest so they can do whatever they can.   

Just as every other company does have partners, I also believe that's what Tether offers; they don't need to be directly involved in the company, but their funds are working for them, as they also have some legal agreements with the Georgia government on their need for expansion in the country.

That is true, just like any other venture capitalist does. They're investing to new companies that they're seeing the potential to grow in no time. Binance does this and the same goes for other known fin tech companies.