Tether Operations Limited is making a $3 million investment in Kem, an app for transferring money and managing finances, in order to bring the stablecoin Tether USD (USDT) into the platform.
Between July 2022 and June 2023, the Middle East and North Africa area received a total of $389.8 billion in on-chain value, making it the sixth-largest crypto economy worldwide.
The investment seeks to enhance economic circumstances in Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq, by addressing problems related to hyperinflation and economic instability.
Paoplo Ardoino, the CEO of Tether, holds the belief that individuals need to have the resources necessary to safeguard their families and companies from the negative effects of inflation while also benefiting from the unrestricted availability of financial services.
The alliance seeks to improve Kem’s services and cater to underprivileged businesses in the Middle East, promoting widespread acceptance and cultivating a more comprehensive banking environment in the Gulf region.
Tether intends to allocate $1 billion towards investments in startups by the end of 2025, with a specific focus on alternative financial infrastructure, artificial intelligence (AI), and biotechnology.
Ardoino highlighted Tether’s commitment to investing in technology that enables the removal of intermediaries in traditional finance, hence decreasing dependence on major technological corporations such as Google, Amazon, and Microsoft.
Recently, Tether rejected a legal action by Celsius Network Limited, alleging that it unlawfully sold off $2.4 billion worth of Bitcoin collateral in June 2022. Celsius argues this was inequitable and seeks Bitcoin restitution. Tether claims the liquidation was approved by Celsius and occurred with Bitcoin values observed in June 2022. Celsius declared bankruptcy in July 2022 due to financial difficulties.
