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Tether has invested $1.5 million in Sorted Wallet, a platform designed to help people in emerging markets access cryptocurrency using simple mobile phones.
Boosting Financial Inclusion in Emerging Markets
According to a recent announcement, this investment aims to enhance financial inclusion in regions such as Africa and Southern Asia, where many individuals lack access to traditional banking services.
What is Sorted Wallet?
Sorted Wallet is a platform that enables people without bank accounts or those with limited banking options to use cryptocurrency. It operates on basic mobile devices, allowing users to store, send, and receive crypto securely. The platform does not control users’ funds, making it a reliable option for those in developing regions.
The Importance of Cryptocurrency in Developing Regions
Cryptocurrency has become crucial in areas where traditional banking is limited. In regions like Africa and parts of Asia, many people rely on crypto for faster, cheaper payments and to safeguard their money from unstable local currencies. It also provides an alternative to traditional banking, which can be costly or inaccessible.
Tether’s Commitment to Financial Inclusion
Tether’s CEO, Paolo Ardoino, highlighted the significance of this investment in expanding financial services to underserved communities.
“By supporting Sorted Wallet, we unlock new opportunities for individuals with basic mobile phones to participate in the financial system. Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy.”
Previous Tether Investments
In June, Tether invested $18.75 million in cross-border crypto exchange XREX to support USDT-based payments in emerging markets. XREX aimed to use the funds to enhance cross-border business payments and collaborate with the Unitas Foundation to launch a gold-backed stablecoin. This investment followed Tether’s expansion efforts in Eastern Europe and the UAE.
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