Tether (USDT) Commits $3M to Kem for Financial Inclusion in the Middle East

Tether
Operations
Limited,
the
leading
company
in
the
digital
asset
industry,
has
announced
a
$3
million
strategic
investment
in
the
Kem
app,
a
platform
focusing
on
money
transfers
and
financial
management.
This
initiative
will
introduce
Tether’s
stablecoin,
USD₮,
to
Kem’s
platform,
aiming
to
drive
widespread
cryptocurrency
adoption
across
the
Middle
East,
according
to

tether.io.

Expanding
Financial
Access
in
MENA

The
Middle
East
and
North
Africa
(MENA)
region
is
recognized
as
the
sixth
largest
crypto
economy
globally,
with
an
estimated
$389.8
billion
in
on-chain
value
received
between
July
2022
and
June
2023.
This
accounts
for
nearly
7.2%
of
the
global
transaction
volume
during
the
same
period.
Countries
like
Dubai
and
Abu
Dhabi
are
already
focusing
on
cryptocurrency
and
blockchain
regulation,
highlighting
the
region’s
growing
importance
in
the
digital
economy.

The
integration
of
USD₮
on
Kem’s
platform
aims
to
enhance
economic
conditions
in
neighboring
countries
such
as
Kuwait,
Bahrain,
Saudi
Arabia,
Qatar,
and
Iraq.
Millions
of
expatriates
in
these
regions
are
expected
to
benefit
from
using
USD₮,
providing
a
hedge
against
hyperinflation
and
economic
instability.

Benefits
for
the
GCC
Region

This
investment
will
facilitate
easier
access
to
USD₮
for
residents
of
the
Gulf
Cooperation
Council
(GCC)
countries,
leveraging
established
consumer
financial
platforms
like
Kem.
Known
for
its
seamless
cross-border
transactions,
Kem
app
will
now
support
Tether’s
stablecoin,
reinforcing
Tether’s
commitment
to
global
financial
inclusion.

According
to
Paolo
Ardoino,
CEO
of
Tether,
“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.
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.”

Strategic
Initiatives
and
Future
Plans

Tether
continues
to
work
towards
a
decentralized
ecosystem
that
encompasses
everyday
consumer
services.
The
company
has
been
involved
in
various
projects
such
as
Pear
Credit,
a
transparent
accounting
system
leveraging
peer-to-peer
technology,
and
HolePunch,
a
platform
for
peer-to-peer
applications.
Tether
also
invested
in
generative
AI
cloud
platforms,
showcasing
its
commitment
to
technological
advancements.

This
collaboration
allows
Kem
to
enhance
its
offerings,
aiming
to
serve
millions
of
underserved
businesses
throughout
the
Middle
East.
By
incorporating
cryptocurrencies
into
its
platform,
Kem
seeks
to
replicate
the
success
of
financial
platforms
offering
cryptocurrencies
in
other
markets,
thereby
driving
mass
adoption
and
fostering
a
more
inclusive
banking
landscape
in
the
Gulf
region.

Image
source:
Shutterstock