Tether’s Strategic Initiative in Crypto
- Tether invests $1.5 million in Sorted Wallet on September 19.
- This investment aims to enhance service offerings in Africa and Southeast Asia.
- Tether is the organization behind the widely recognized stablecoin, USDT.
On September 19, Tether announced a significant strategic investment of $1.5 million in Sorted Wallet, a cryptocurrency wallet platform designed to enhance crypto adoption in emerging markets.
Enhancing Financial Inclusion
In the announcement, Tether expressed that this investment reflects a commitment to fostering financial inclusion within Africa and Southeast Asia.
According to Paolo Ardoino, CEO of Tether:
“This investment underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions.”
Ardoino emphasized that investing in Sorted Wallet aims to integrate individuals with basic mobile phones into the cryptocurrency ecosystem, addressing the needs of underserved populations who can greatly benefit from increased financial access.
Goals of the Investment
As highlighted by Tether’s CEO:
“Our goal is to ensure that everyone, regardless of their 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.”
Sorted Wallet’s Expansion Plans
Sorted Wallet is a non-custodial wallet that provides users access to the digital asset finance market using their feature phones and less powerful smartphones. The $1.5 million funding from Tether will be pivotal for Sorted Wallet’s growth initiatives across Africa and Southeast Asia.
As the issuer of USDT, the world’s largest stablecoin, Tether holds a crucial position in the cryptocurrency ecosystem. The company has been advocating for the global adoption of its stablecoin through various partnerships and initiatives, focusing on educational programs to better understand blockchain and cryptocurrency technologies.