- Tether announces $3 million strategic investment in Kem app to boost adoption of its stablecoin USDT.
- Kem’s partnership helps Tether’s commitment to financial inclusion across the globe, Tether CEO Paolo Ardoino said.
Tether, the leading stablecoin issuer, is eyeing fresh market penetration with a strategic investment in money transfer and financial management platform Kem.
According to an Aug. 13 announcement, the $3 million investment in Kem app will see the platform add USDT for its users, prompting the stablecoin’s adoption in the Middle East.
“This investment reinforces Tether’s commitment to promoting financial inclusion and stability. We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services,” Tether CEO Paolo Ardoino, said. “Our investment in Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”
Crypto adoption growing in MENA region
Kem and Tether’s collaboration comes amid growing crypto adoption in the Middle East and North Africa (MENA) region, with this being the sixth largest crypto economy in the world. Combined, the region accounts for an approximately $389.8 billion in on-chain value – a 7.2% total of global volume from July 2022 to June 2023.
Dubai and Abu Dhabi are some of the top destinations for crypto in the region.
Tether recently announced it hit a record $5.2 billion in profit from the first half of 2024, and has vowed to fight a ‘shake down” litigation from Celsius. Ardoino said in a statement that the legal battle is about setting an “example for bad actors.”
We appreciate the overwhelming support we’re seeing in our community.
We’re unstoppable TogETHER.
Tether will help in setting an example as our community recovers from the bad actors that plagued the crypto industry. https://t.co/Ec9PpNUkCz— Paolo Ardoino 🤖🍐 (@paoloardoino) August 10, 2024