- Tether revealed its strategic investment of $1.5 million in Sorted Wallet on September 19.
- Sorted Wallet will utilize this investment to broaden its offerings in Africa and Southeast Asia.
- Tether is responsible for the popular stablecoin USDT.
Tether has committed $1.5 million to Sorted Wallet, a cryptocurrency wallet platform focused on promoting crypto adoption in emerging markets.
In an announcement made on Thursday, September 19, Tether indicated that this strategic investment in Sorted Wallet aims to improve financial inclusion in Africa and Southern Asia.
“This investment highlights Tether’s dedication to enhancing financial inclusion and boosting economic empowerment in underserved areas,” stated Paolo Ardoino, Tether’s CEO.
Promoting Financial Inclusion
The Tether CEO noted that investing in Sorted Wallet will help bring more individuals with basic mobile phones into the cryptocurrency ecosystem.
This initiative opens up new avenues that will enable more users to become part of the digital assets landscape within the finance sector. A significant portion of these individuals are unbanked in emerging markets and stand to gain from enhanced financial inclusion.
“Our aim is to ensure that everyone, irrespective of their location or the type of phone they have, can safely manage and use cryptocurrency, empowering them for a more stable financial future and participation in the ever-evolving digital economy,” the Tether executive remarked.
Sorted Wallet’s Expansion Plans
Sorted Wallet operates as a non-custodial wallet that allows users to navigate the digital asset finance market even with feature phones or low-capacity smartphones.
The $1.5 million infusion from Tether will support Sorted Wallet’s growth plans in both Africa and Southeast Asia.
As the issuer of the largest stablecoin, USDT, Tether plays a crucial part in the cryptocurrency ecosystem. The company has been active in promoting stablecoin utilization globally through various initiatives.
Recently, Tether has formed partnerships with several platforms and organizations to foster blockchain and cryptocurrency through educational initiatives.
