Tether Operations Limited has made a strategic investment of $3 million in Kem, a financial management app aimed at enhancing financial inclusion in the Middle East.

Tether’s $3 million investment is part of its strategy to promote the adoption of its stablecoin, USDT, and to provide more accessible financial services in the region. This move aims to drive the widespread adoption of digital currencies in the Middle East, a region that is already the sixth-largest crypto economy globally, with $389.8 billion in on-chain transaction value from July 2022 to June 2023.

Tether and Kem Partnership Details

This partnership will integrate Tether’s stablecoin USDT into the Kem platform, aiming to expand the reach of digital assets in the Gulf region. The focus countries include Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. The goal is to provide expatriates and residents with more accessible financial services, potentially addressing issues related to hyperinflation and economic instability.

“We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services. Our investment in Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all,” said Paolo Ardoino, CEO of Tether.

This investment aligns with Tether’s broader mission to promote financial stability and inclusion globally. By investing in Kem, Tether aims to support underserved businesses and foster a more inclusive financial landscape in the Gulf region.

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