Tether invests in Georgia-based crypto-payment startup CityPay

·01/06/2023
·Laeti Marison (SatoshiBelle)

Tether has made an investment in CityPay.io, a Georgia-based company specializing in crypto payments.

After recently unveiling its Bitcoin (BTC) mining project in Uruguay, stablecoin giant Tether (USDT) recently made an investment in Georgia-based CityPay.io.

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.

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Article written by: Laeti Marison (SatoshiBelle)

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.