Tether expands reach in Georgia. On May 31, Tether revealed its plans to expand its operations in the Republic of Georgia by making a strategic investment in CityPay.io, a payment processing company with a wide network of over 600 locations in the country.
Tether expands reach in Georgia through investment in CityPay.io
On May 31, Tether revealed its plans to broaden its influence in the Republic of Georgia by making a strategic investment in CityPay.io, a payment processing company that operates across over 600 locations in the country.
CityPay.io offers payment services to a diverse clientele, including prominent establishments like Wendy’s and Radisson Hotels, among many others. Tether’s strategic investment in CityPay.io is aimed at advancing the payment industry in Georgia, focusing on enhancing efficiency and convenience.
Due to its progressive regulatory framework, Georgia has emerged as a highly favorable location for cryptocurrency companies, attracting numerous firms to establish their operations there. The government of Georgia is leveraging its competitive advantages to establish itself as a prominent global hub for cryptocurrencies.
In 2022, Georgia implemented fresh regulations pertaining to cryptocurrencies. During that time, Levan Davitashvili, the Minister of Economy and Vice Prime Minister of Georgia, disclosed the introduction of a regulatory framework designed specifically for digital businesses and cryptocurrency trading.
In March, Binance, a cryptocurrency exchange, established a new blockchain hub in Georgia. Termed as a “Web3 outpost,” this hub has the objective of encouraging the widespread acceptance and use of cryptocurrencies in the country. Binance intends to attract skilled individuals to Georgia’s blockchain sector, create additional job prospects, and offer industry education.
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