Alvin Lang
19 Sep 2024 15:56
Tether invested $1.5 million in Sorted Wallet to advance financial inclusion with a focus on emerging markets, particularly Africa and South Asia.
Tether Operations Limited, a leading digital asset industry company, has announced a $1.5 million strategic investment in Sorted Wallet, a platform designed to provide easy access to cryptocurrency for emerging market users. According to tether.io, the investment aims to enhance financial inclusion across Africa and South Asia.
Strengthening financial inclusion
Sorted Wallet bridges the gap between unbanked and underbanked individuals in developing countries by providing secure and accessible cryptocurrency transactions. Targeting users with limited access to cutting-edge technology, the platform is specifically designed for feature phones and low-power smartphones. It provides a non-custodial wallet that promotes economic empowerment and financial inclusion. This initiative is in line with Tether’s mission to improve global financial accessibility in regions with little or no banking infrastructure.
Cryptocurrency as a tool for financial inclusion
Cryptocurrencies are emerging as a vital tool for financial inclusion in Africa and South Asia, where access to traditional banking services is limited. In Africa, cryptocurrencies have penetrated major markets and become an integral part of the daily lives of many residents. Central and South Asia and Oceania (CSAO) boasts one of the most dynamic cryptocurrency markets in the world. As of June 2023, India leads the region in transaction volume, receiving approximately $268.9 billion in crypto assets. In both regions, cryptocurrencies enable faster and cheaper remittances, provide an alternative to volatile local currencies, and offer investment opportunities. Despite regulatory concerns, cryptocurrency adoption continues to grow as people seek more efficient financial solutions. For those with a basic mobile phone, cryptocurrencies are a gateway to the global financial system.
Names of the main characters
“This investment underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved communities,” said Paolo Ardoino, Tether CEO. “By supporting Sorted Wallet, we are opening up new opportunities for individuals using basic mobile phones to participate in the financial system. Our goal is to enable everyone, regardless of location or phone type, to safely manage and utilize cryptocurrency to build a more secure financial future and actively participate in the evolving digital economy.”
“Sorted Wallet was born from the belief that financial empowerment shouldn’t be contingent on owning the latest smartphone, and with Tether’s investment, we’re making that a reality for millions of people across Africa and South Asia,” said Stephen Browne, CEO of Sorted Wallet. “Tether’s investment is a testament to Sorted Wallet’s potential to transform lives through accessible digital finance. Together, we’re writing a new chapter in financial inclusion, one phone at a time.”
Future outlook
With this $1.5 million investment, Tether will help Sorted Wallet expand its reach to create a more connected and inclusive global financial environment. It also reflects Tether’s commitment to fostering the growth of digital finance and promoting innovative solutions that address the financial needs of underserved communities around the world.
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