Key points
- Tether invests $3M in Kem app to introduce USDT and boost cryptocurrency adoption in the Middle East.
- The MENA region is the sixth largest crypto economy with $389.8 billion in on-chain value from July 2022 to June 2023.
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Tether Operations Limited is Invest $3 million in Kem, a money transfer and financial management app. The investment aims to introduce the Tether USD (USDT) stablecoin to Kem’s platform, boosting cryptocurrency adoption in the Middle East.
The Middle East and North Africa (MENA) region is the sixth-largest crypto economy in the world, with $389.8 billion in on-chain value received between July 2022 and June 2023. This represents 7.2% of global transaction volume during this period.
The investment aims to improve economic conditions in Kuwait, Bahrain, Saudi Arabia, Qatar and Iraq. Expatriates in these regions could benefit from USDT and accessible financial services, which would address concerns about hyperinflation and economic instability.
“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,” said Paoplo Ardoino, CEO of Tether.
He added that the investment in Ken “is a testament to this belief,” as the platform provides tools that simplify access to the financial system, which aligns with Tether’s mission of promoting financial freedom for all.
The company is also involved in projects such as Pear Credit, HolePunch and Keet, as well as investments in cloud-based AI platforms.
The collaboration aims to enhance Kem’s offering and serve underprivileged businesses in the Middle East. By incorporating cryptocurrencies into its platform, Kem seeks to drive mass adoption and foster a more inclusive banking landscape in the Gulf region.
Expansion plans
As reported According to Crypto Briefing, Tether plans to invest $1 billion in startups by the end of 2025. Through its venture arm called Tether Investments, the company will focus on alternative financial infrastructure, artificial intelligence (AI), and biotechnology.
In an interview with Bloomberg, Ardoino highlighted Tether’s intention to invest in technology that facilitates disintermediation in traditional finance.
“We can offer AI computing to all the companies we have invested in,” Ardoino said. “It’s about investing in technology that helps disintermediate traditional finance and be less dependent on big tech companies like Google, Amazon and Microsoft.”
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