This partnership is a promising development for both Tether and RAK DAO. By combining their expertise and resources, they aim to help local individuals and businesses harness the power of blockchain technology.
Tether Operations Limited announced that it has signed a Memorandum of Understanding (MOU) with RAK Digital Assets Oasis (RAK DAO). As a result of this transaction, the two companies aim to strengthen the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate of the United Arab Emirates.
Increasing Cryptocurrency Adoption in RAK
According to the announcement, Tether will work with RAK DAO to promote the use of cryptocurrency payments in the region and develop blockchain-focused education initiatives. RAK DAO is at the center of regional efforts to drive Web3 innovation and foster economic growth in the emirate.
In particular, RAK DAO is the world’s first and only common law free zone focused on cryptocurrency companies. This collaboration puts the company at the forefront of regional efforts to drive Web3 innovation and foster economic growth in the emirate.
With over 100 companies already expressing interest in the RAK DAO, Tether’s collaboration will focus on developing comprehensive education initiatives. The program aims to empower and educate local businesses, opening new avenues for growth and innovation.
Tether will also design training programs for individuals of varying skill levels through its recently launched education division, Tether Edu. These programs cover areas such as Bitcoin, stablecoin adoption, peer-to-peer technology, and real-world applications of blockchain and cryptocurrencies.
“Tether is proud to partner with RAK DAO to unlock the enormous potential of Bitcoin and blockchain technology within the region,” said Paolo Ardoino, CEO of Tether. “Ras Al Khaimah is best positioned to become a leading hub for blockchain technology and innovation in the region, and Tether is committed to working with RAK DAO to make this dream a reality,” Ardoino added.
Overall, this partnership is a promising development for both Tether and RAK DAO. By combining their expertise and resources, they aim to help local individuals and businesses harness the power of blockchain technology.
Tether expands its business
The latest partnership comes shortly after Tether announced expansion of its operations. Last March, the company launched several new infrastructure solutions to support more inclusive businesses. The new divisions introduced by the company include Tether Edu, Tether Data, Tether Power, and Tether Finance.
Tether CEO explained that the company successfully achieved the disruption of the traditional ecosystem through the USDT stablecoin. So now the focus is on further disrupting existing systems to promote fairness.
In a bold move, the company said it would soon complete a $500 million investment in Bitcoin mining. Meanwhile, Tether has built several mining operations in countries with renewable energy stations.
Additionally, Tether announced a collaboration with blockchain analytics startup Chainalytic. The partnership was a response to growing criticism of Tether’s role in facilitating cross-border transactions, especially in sanctioned countries.
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