Tether Operations Limited, the tech company behind the stablecoin Tether USDT has invested $1.5 million in Sorted Wallet. Accordingly, this strategic investment aims to boost financial inclusion in emerging markets, Africa and South Asia inclusive.
Sorted Wallet announced the investment in a celebratory post to the X community. “We are thrilled to announce that Sorted Wallet has secured a $1.5M investment from Tether. This partnership helps us continue our mission of making digital assets accessible to everyone in emerging markets.”
While commenting on the development in a news release, Tether’s CEO, Paolo Ardoino highlighted the tech company’s vision of empowering the economy of emerging markets.
“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,” said the CEO.
About Sorted Wallet
Sort Wallet is a Fintech platform that leverages Web3 to offer financial services. Interestingly, the platform aims to “bring financial inclusion via web3 to over one billion unbanked and underbanked in Africa and Southern Asia.”
Notably, crypto adoption is increasing in Africa due to insufficient traditional banking services. Crypto is proving to be an acceptable alternative to the depreciating local currencies. So Africans need more platforms like Sorted Wallet in their search for effective financial solutions.
By enabling seamless crypto transactions, Sort Wallet bridges the gap for individuals with limited access to banking services in Africa. Moreover, its specialized interface can run on low-grade smartphones to cater for individuals without access to better devices.
As emphasized by Stephen Browne, CEO of Sorted Wallet, in the release, “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.”