Tether Strengthens Its Footprint in Georgia with CityPay Investment

Strategic Move by Tether

On May 31, Tether took a significant step to bolster its capabilities in the Republic of Georgia through an investment in CityPay.io, a prominent local payment processing firm. This strategic partnership will facilitate transactions using Tether’s USDT and Bitcoin across over 600 establishments, including shops, hotels, and restaurants.

CityPay.io: The Gateway to Crypto Payments

CityPay.io plays an integral role in the Georgian payment landscape, providing services to major brands such as Wendy’s and Radisson Hotels. By using Tether’s USDT and Bitcoin as payment options, CityPay.io is set to enhance the convenience and efficiency for customers who prefer cryptocurrency transactions.

Georgia: The Crypto’s New Favorite Playground

Georgia is quickly becoming a hotspot for crypto companies, thanks to its welcoming regulatory environment. The government is determined to position the nation as a leading global cryptocurrency hub, attracting multiple entities to establish their operations there.

New Regulatory Framework in Action

In 2022, the Georgian government introduced proactive crypto regulations. Levan Davitashvili, Georgia’s Minister of Economy and Vice Prime Minister, emphasized these developments aimed at building a robust framework for digital businesses and cryptocurrency trading, thereby fostering growth in the sector.

Binance’s Recent Moves

Notably, major players like Binance are also making their mark in Georgia, having set up a new blockchain hub earlier this year. This initiative, termed a “Web3 outpost,” aims to initiate broader acceptance of cryptocurrencies within the country. Binance’s commitment includes attracting talent to the blockchain sector, creating job opportunities, and enhancing industry knowledge through education.