Tether Operations Limited has announced a $3 million strategic investment in Kem, a financial management app that aims to improve financial inclusion across the Middle East.
Tether’s $3 million investment comes as the company aims to promote the adoption of Tether’s (USDT) stablecoin and provide more accessible financial services in the region.
Tether and Kem partnership details
This partnership will introduce Tether’s stablecoin USDT to the Kem platform, aiming to drive widespread adoption of digital currencies in the Middle East. The Middle East and North Africa (MENA) region is already the sixth-largest crypto economy globally, with $389.8 billion in on-chain transaction value from July 2022 to June 2023.
Tether’s investment is focused on countries like Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq, where it hopes to provide expatriates and residents with more accessible financial services, potentially mitigating issues related to hyperinflation and economic instability.
Paolo Ardoino, CEO of Tether, emphasized that this move aligns with Tether’s broader mission to promote financial stability and inclusion globally.
“We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services. 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,” said Ardoino.
This investment is expected to expand the reach of digital assets in the Gulf region, supporting underserved businesses and fostering a more inclusive financial landscape.
