Tether has put $1.5 million into Sorted Wallet, a platform that lets people in developing markets use simple cell phones to get crypto.
The change was mentioned on a Tether blog post. Its goal is to improve financial inclusion in places like Africa and Southern Asia, where traditional banks are not always easy to get to.
With Sorted Wallet, people who do not have bank accounts or who cannot utilize all of their available banking choices can use cryptocurrency.
Tether Investments In Emerging Markets
The platform works with simple mobile phones and lets users safely keep, send, and receive cryptocurrency without holding or controlling their funds. This is an important feature for users in developing areas.
As cryptocurrency becomes more important in places where banks are not very well developed, it offers faster and cheaper ways to make payments. Many people in Africa and some parts of Asia are using cryptocurrency to protect their funds from uncertain local currencies and to avoid the high costs of traditional banking.
The CEO of Tether, Paolo Ardoino, said that the investment is part of the company’s ongoing work to provide financial services to people who do not have access to them.
“By supporting Sorted Wallet, we unlock new opportunities for individuals with basic mobile phones to participate in the financial system. Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy.”
Paolo Ardoino
To encourage USDT-based payments in developing countries, Tether also put $18.75 million into the cross-border cryptocurrency exchange XREX in June.
XREX will use the funds to improve payments between countries and work with the Unitas Foundation to release a stablecoin backed by gold.After continuing to grow in Eastern Europe and the UAE, Tether is now making this move.
