• Tether declares $3 million strategic funding in Kem app to spice up adoption of its stablecoin USDT.
• Kem’s partnership helps Tether’s dedication to monetary inclusion throughout the globe, Tether CEO Paolo Ardoino mentioned.

Tether, the main stablecoin issuer, is eyeing contemporary market penetration with a strategic funding in cash switch and monetary administration platform Kem.

In keeping with an Aug. 13 announcement, the $3 million funding in Kem app will see the platform add USDT for its customers, prompting the stablecoin’s adoption within the Center 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, mentioned. “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 rising in MENA area

Kem and Tether’s collaboration comes amid rising crypto adoption within the Center East and North Africa (MENA) area, with this being the sixth largest crypto financial system on the earth. Mixed, the area accounts for an roughly $389.8 billion in on-chain worth – a 7.2% whole of worldwide quantity from July 2022 to June 2023.

Dubai and Abu Dhabi are among the prime locations for crypto within the area.

Tether lately introduced it hit a file $5.2 billion in revenue from the primary half of 2024, and has vowed to battle a ‘shake down” litigation from Celsius. Ardoino mentioned in an announcement that the authorized battle is about setting an “example for bad actors.”

We recognize the overwhelming help we’re seeing in our group.
We’re unstoppable TogETHER.
Tether will assist in setting an instance as our group recovers from the dangerous actors that plagued the crypto business. https://t.co/Ec9PpNUkCz

— Paolo Ardoino 🤖🍐 (@paoloardoino) August 10, 2024