Tether Operations Limited invested $3 million in Kem, a financial management app, to improve Middle Eastern financial inclusion.
With its $3 million investment, Tether hopes to encourage the region’s use of its stablecoin and expand its access to financial services.
Through this collaboration, Tether’s stablecoin USDT will be made available on the Kem platform to encourage the Middle East’s widespread use of digital currencies.
The crypto economy of the Middle East and North Africa (MENA) is now ranked sixth in the world, with $389.8 billion in on-chain transaction value between July 2022 and June 2023.
Tether intends to address concerns associated with hyperinflation and economic instability by offering expats and locals in these countries—Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq—more easily accessible financial services.
The CEO of Tether, Paolo Ardoino, underlined that this action is consistent with Tether’s overarching goal of advancing financial inclusion and stability worldwide. Ardoino said:
“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”
This investment is anticipated to increase the accessibility of digital assets in the Gulf, helping marginalized companies and promoting a more diverse financial environment.
