Tether Invests $1.5M in Sorted Wallet for Financial Inclusion

Tether Operations Limited, a prominent player in the digital asset sector, has revealed a strategic investment of $1.5 million in Sorted Wallet, a platform dedicated to facilitating access to cryptocurrencies for users in emerging markets. This initiative is focused on enhancing financial inclusion throughout Africa and Southern Asia, as reported by tether.io.

Improving Financial Inclusion

Sorted Wallet provides secure and user-friendly cryptocurrency transactions, addressing the needs of unbanked and underbanked individuals in developing areas. Tailored for users with limited access to advanced technology, the platform is optimized for feature phones and low-powered smartphones. It offers a non-custodial wallet designed to foster economic empowerment and financial equality. This project aligns with Tether’s mission to enhance financial accessibility globally, particularly in regions lacking adequate banking infrastructure.

Cryptocurrency as a Method for Financial Inclusion

Cryptocurrency is becoming an essential tool for promoting financial inclusion in Africa and Southern Asia, where traditional banking services are often inaccessible. In Africa, cryptocurrencies have made significant inroads and are integral to the daily lives of many residents. Central & Southern Asia and Oceania (CSAO) is home to one of the most vibrant cryptocurrency markets worldwide. As of June 2023, India ranks first in the region for transaction volume, with an estimated $268.9 billion in crypto assets. In both areas, cryptocurrencies provide faster, cost-effective remittances, serve as an alternative to unstable local currencies, and create investment opportunities. Despite regulatory issues, the adoption of cryptocurrency continues to surge as individuals search for efficient financial solutions. For those using only basic mobile phones, cryptocurrencies serve as a portal to the global financial system.

Insights from Key Leaders

“This investment highlights Tether’s dedication to fostering financial inclusion and economic empowerment in neglected regions,” stated Paolo Ardoino, CEO of Tether. “By investing in Sorted Wallet, we are creating new opportunities for individuals with basic mobile phones to engage in the financial ecosystem. Our mission is to guarantee that everyone, regardless of their location or mobile device, can securely manage and utilize cryptocurrency, empowering them to establish a more secure financial future and actively participate in the advancing digital economy.”

“Sorted Wallet was founded on the principle that financial empowerment should not rely on owning the latest mobile technology. With Tether’s investment, we are making this belief a reality for millions across Africa and Southern Asia,” expressed Sorted Wallet’s CEO, Stephen Browne. “Tether’s investment validates the transformative potential of Sorted Wallet in making digital finance accessible. Together, we are embarking on a new era of financial inclusion, one phone at a time.”

Looking Ahead

Through this $1.5 million investment, Tether intends to nurture a more interconnected and inclusive global financial environment by enabling Sorted Wallet to expand its services. This initiative also reflects Tether’s commitment to driving the evolution of digital finance and introducing innovative solutions that address the financial needs of underrepresented populations around the world.

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