Tether expands reach in Georgia with investment in CityPay.io

stablecoin issuer tether announced on May 31 that it is expanding its presence in the Republic of Georgia through a strategic investment in CityPay.io, a payment processing company that serves more than 600 locations in the country.

Tether Expands Its Presence in Georgia

we have invested https://t.co/14g9wt7PCC, a leading local payment processing company. you can pay now #usdt And #bitcoin In over 600 stores, hotels and restaurants.

learn more pic.twitter.com/Ud78paop5O

— Tether (@Tether_to) May 31, 2023

CityPay.io provides payment services to a wide range of customers, including major names such as Wendy’s and Radisson Hotels. With its strategic investment in CityPay.io, Tether intends to grow the payments industry in Georgia by improving efficiency and convenience.

Georgia has established itself as one of the most favorable destinations for crypto companies, with its progressive regulatory framework attracting many firms to set up operations. The Georgian government aims to leverage its competitive advantages to position itself as a major global cryptocurrency hub.

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Georgia to introduce new crypto regulations in 2022. At the time, Georgian Economy Minister and Deputy Prime Minister Levan Davitashvili announced the development of a regulatory framework targeting digital businesses and cryptocurrency trading.

In March, cryptocurrency exchange Binance established a new blockchain hub in Georgia. The hub, dubbed “Web3 Outpost”, aims to promote wider adoption of cryptocurrencies within the country. Binance plans to attract talented individuals to Georgia’s blockchain sector, create more job opportunities, and provide industry education.

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