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Alvin Lang Sep 19, 2024 15:56
Tether invests $1.5M in Sorted Wallet to enhance financial inclusion in emerging markets, focusing on Africa and Southern Asia.
Tether Operations Limited, a leading entity in the digital asset industry, has announced a strategic investment of $1.5 million in Sorted Wallet, a platform designed to provide easy access to cryptocurrencies for users in emerging markets. This investment aims to enhance financial inclusion across Africa and Southern Asia, according to tether.io.
Enhancing Financial Inclusion
Sorted Wallet offers secure and accessible cryptocurrency transactions, bridging the gap for unbanked and underbanked individuals in developing regions. Catering to users with limited access to advanced technology, the platform is specifically designed for feature phones and low-powered smartphones. It provides a non-custodial wallet that promotes economic empowerment and financial inclusion. This initiative aligns with Tether’s mission to improve global financial accessibility in areas with little or no banking infrastructure.
Cryptocurrency as a Tool for Financial Inclusion
Cryptocurrency is emerging as a crucial tool for financial inclusion in Africa and Southern Asia, where there is limited access to traditional banking services. In Africa, crypto has penetrated key markets and become important to many residents’ daily lives. Central & Southern Asia and Oceania (CSAO) boast one of the world’s most dynamic cryptocurrency markets. As of June 2023, India leads the region in transaction volume, receiving an estimated $268.9 billion in crypto assets. In both regions, cryptocurrency enables faster, more affordable remittances, provides an alternative to unstable local currencies, and offers investment opportunities. Despite regulatory concerns, crypto adoption continues to grow as people seek more efficient financial solutions. For those with only basic mobile phones, cryptocurrency is their gateway to the global financial system.
Statements from Key Figures
“This investment underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions,” said Paolo Ardoino, CEO of Tether. “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.”
“Sorted Wallet was born from the belief that financial empowerment should not depend on owning the latest smartphone. With Tether’s investment, we are turning that belief into reality for millions across Africa and Southern Asia,” said Sorted Wallet’s CEO, Stephen Browne. “Tether’s investment is a testament to the potential of Sorted Wallet to transform lives through accessible digital finance. Together, we are writing a new chapter in financial inclusion, one phone at a time.”
Future Prospects
With this $1.5 million investment, Tether aims to foster a more connected and inclusive global financial landscape by empowering Sorted Wallet to expand its reach. This also reflects Tether’s commitment to driving the growth of digital finance and promoting innovative solutions that address the financial needs of underserved populations worldwide.
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