Tether has made an investment in CityPay.io, a Georgia-based company specializing in crypto payments.
The aim of this investment is to increase Tether’s presence in this pro-crypto country, where almost 3% of Georgians own some form of crypto-currency.
Georgia is also home to 130 Bitcoin and crypto ATMs. Founded in Tbilisi in 2020, CityPay has developed a payment gateway enabling merchants to accept payments in various cryptocurrencies, including Bitcoin and Ethereum, and recently USDT.
We are delighted to be working with CityPay.io to bring more innovation and efficiency to the payments sector in Georgia,” said Paolo Ardoino, CTO of Tether.
According to CityPay CEO Eralp Hatipoglu, Tether’s investment will enable the company to accelerate its growth in the country. The start-up also offers a Bitcoin purchase service for retail customers.
CityPay was already backed by Georgia’s Innovation and Technology Agency and Czech start-up gas pedal StartupYard. It had also forged a partnership with the giant Binance.
On Thursday, Tether’s USDT market cap surpassed its previous record reached in May 2022 at $83.2 billion.