Reading 2 minutes Views 3 Published Updated
On May 31st, stablecoin issuer Tether announced that it is expanding its presence in the Republic of Georgia with a strategic investment in CityPay.io, a payment processing company that operates in more than 600 locations across the country.
Tether expands its presence in Georgia
Learn More https://t.co/WjrOAymJRv pic.twitter.com/Ud78paop5O
— Tether (@tether_to) May 31, 2023
CityPay.io provides payment services to a wide range of clients, including major companies such as Wendy’s and Radisson Hotels, and many more. By strategically investing in CityPay.io, Tether intends to improve the payments industry in Georgia through efficiency and convenience.
Georgia has established itself as one of the most favorable destinations for crypto companies, attracting several firms to set up operations thanks to its progressive regulatory framework. The Georgian government is looking to use its competitive edge to position itself as a major global crypto powerhouse.
Related: Tether Has $1.5 Billion Bitcoin Reserves: BDO Italia
Georgia introduced new cryptocurrency rules in 2022. At the time, Georgian Economy Minister and Deputy Prime Minister Levan Davitashvili announced the development of a regulatory framework aimed at digital business and cryptocurrency trading.
In March, the Binance cryptocurrency exchange created a new blockchain hub in Georgia. The center, referred to as the “Web3 outpost”, is designed to promote the widespread adoption of cryptocurrencies in the country. Binance plans to attract talented people to the blockchain sector in Georgia, create more job opportunities, and provide industry education.