Tether has announced&nbsp;its expansion into Eastern Europe and will invest in a Georgian payment service.
The <a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a> issuer intends to invest additional funds in the Georgian payment service CityPay.io. The official <a href="https://tether.io/news/tether-boosts-payment-solutions-in-eastern-europe-with-additional-investment-in-citypay-io/" target="_blank" rel="noopener noreferrer nofollow">press release</a> emphasizes that the platform provides&nbsp;services in more than 600 locations throughout Georgia. Through CityPay.io, clients can pay for goods and services with cryptocurrency.
Tether notes that the service plans to introduce new products in the next two years. The company is focused on <a href="https://crypto.news/tag/Georgia/" rel="noopener noreferrer nofollow">Georgia</a> and neighboring countries.
<blockquote class="wp-block-quote">
 “Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia. With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.” <cite>Paolo Ardoino, CEO of Tether</cite>
</blockquote>
The company previously <a href="https://crypto.news/gate-pay-and-city-pay-partner-to-allow-georgian-merchants-to-make-crypto-payments/" target="_blank" rel="noopener noreferrer nofollow">invested</a> in CityPay in May 2023. Tether later signed&nbsp;a Memorandum of Understanding with local authorities. The company also <a href="https://crypto.news/tether-launches-educational-program-aimed-at-developing-web3-skills/" target="_blank" rel="noopener noreferrer nofollow">supported</a> the education sector in the country by participating in the series A round of the Academy of Digital Industries project.
In both situations,&nbsp;the amount invested remained undisclosed.
Earlier this month, Tether <a href="https://crypto.news/tether-taps-chainalysis-to-track-usdt-activity-on-secondary-markets/" target="_blank" rel="noopener noreferrer nofollow">announced</a> that it would&nbsp;implement&nbsp;a USDT transaction monitoring system on the secondary market in collaboration with <a href="https://crypto.news/tag/Chainalysis/" target="_blank" rel="noopener noreferrer nofollow">Chainalysis</a>, a leading blockchain analytics company. A secondary market refers to any transactions using USDT after the release of tokens.
You might also like: <a href="https://crypto.news/tether-bags-record-4-5b-profit-in-q1-2024/" rel="noopener noreferrer nofollow"> Tether bags record $4.5b profit in Q1 </a>

Tether announces expansion into Eastern Europe, invests in CityPay

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