Tether invests $1.5 million in Sorted Wallet
Tether announced its $1.5 million strategic investment in Sorted Wallet on Sept. 19.
Sorted Wallet will tap into this investment to expand its services across Africa and Southeast Asia.
Tether is the company behind leading stablecoin USDT.
Tether has invested $1.5 million in Sorted Wallet, a crypto wallet platform targeted for crypto adoption across the emerging markets.
In an announcement on Thursday, Sept. 19, Tether said the strategic investment in Sorted Wallet aims at enhancing financial inclusion in Africa and the Southern Asia region.
“This investment underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions,” Paolo Ardoino, chief executive officer of Tether, said.
Financial inclusion
According to the Tether CEO, investing in Sorted Wallet will help bring more people with basic mobile phones into the crypto space.
Such support unlocks new opportunities that allow more users to integrate the digital assets ecosystem across the financial space. Most of these are the unbanked in emerging markets – whose stand to benefit from financial inclusion.
“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,” the Tether exec added.
Sorted Wallet eyeing expansion
Sorted Wallet is a non-custodial wallet that allows users to engage in the digital asset finance market using their feature phones or low-powered smartphones.
The $1.5 million investment from Tether will bolster Sorted Wallet’s expansion efforts both in Africa and Southeast Asia.
As the issuer of the world’s largest stablecoin USDT, Tether plays a key role in the crypto space. The company has expanded its stablecoin usage across the globe with initiatives.
In recent months, Tether has partnered several platforms and institutions to support blockchain and crypto through educational programs.
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