Tether will expand its reach in Georgia through a partnership with payment provider CityPay. The cooperation will promote the development of the payment industry, increase the efficiency of cryptocurrency payments, and improve the availability of digital assets in the country.
Tether, the issuer of the USDT stablecoin, announced a strategic partnership with CityPay, a crypto payment processing company that covers over 600 stores, hotels, and restaurants across Georgia.
The partnership between Tether and CityPay is designed to increase the availability of cryptocurrencies in Georgia and improve the local payment industry. According to Paolo Ardoino, CTO of Tether, the company aims to increase the efficiency and usability of cryptocurrencies in Georgia by investing in the innovative startup CityPay.
CityPay CEO Eralp Hatipoglu said the collaboration with Tether would allow the company to expand its presence in the region, which, in turn, would potentially increase the efficiency of the payment industry by broadening opportunities for using cryptocurrencies.
The cryptocurrency exchange Binance earlier announced its cooperation with the CityPay payment system, adding the possibility of buying cryptocurrencies for Georgian users with Visa and Mastercard credit and debit cards in 2022. Georgia’s cryptocurrency market has been actively developing in recent years, and the authorities are working on a legal framework for the digital asset sector.