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- Stablecoin issuer Tether is expanding its reach in the European Union with a renewed investment in CitiPay, a payments startup with roots in Eastern Europe.
- This move is part of Tether’s strategy to diversify its investments and extend its services beyond stablecoins.
- CitiPay.io aims to provide users with convenient payment services, allowing customers to pay for services with their crypto holdings.
Tether, the stablecoin issuer, is doubling down on its investment in CitiPay to expand its presence in the European Union. This move is part of Tether’s diversification strategy, aiming to provide users with convenient crypto payment services.
Tether’s Expansion in Eastern Europe
USDT issuer Tether has announced plans to extend its presence across Eastern Europe. The crypto firm intends to achieve this feat with an additional investment in the payment processing platform CitiPay.io. This is not Tether’s first time investing in CitiPay, with a relationship dating back to 2023 when Tether became the first stablecoin to invest in the Georgia-based payment solutions provider.
Diversification Beyond Stablecoins
The decision to move into Eastern Europe comes only a few weeks after the stablecoin issuer unveiled its journey to expand its services beyond stablecoins. Tether indicated its interest in delving into a range of infrastructure solutions including data, finance, power, and education. The exact value of the investment is yet to be made public, but Tether highlighted that it would play a huge role in enhancing CitiPay.io’s expansion in the proposed region.
Convenient Crypto Payment Services
CitiPay.io already offers its services to users in several jurisdictions and aims to provide users with convenient payment services. Customers can pay for services offered by establishments such as Wendy’s and Radisson Hotels with their crypto holdings. The startup intends to expand its services within the next two years to include e-wallet and card solutions, likely to attract a user base of more than 400,000 users, according to CitiPay.io.
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Conclusion
Tether’s renewed investment in CitiPay is a strategic move to expand its presence in the European Union and diversify its services beyond stablecoins. This investment will enhance CitiPay.io’s expansion and provide users with convenient crypto payment services. The future of this alliance looks promising, with Tether positive about the prospects of this investment.
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