Tether invests $1.5 million in Sorted Wallet to increase financial access in emerging markets

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Tether has invested $1.5 million in Sorted Wallet to increase financial inclusion in Africa and South Asia, where many people lack access to traditional banking services, the company said in an announcement on Thursday.

Launched in 2023, Sorted Wallet is a pioneering crypto wallet designed for feature phones and low-powered smartphones. The app was downloaded over 70,000 times in the first year.

Sorted Wallet offers secure crypto transactions, especially among unbanked and underbanked populations in emerging markets. Tether said the investment is part of Tether’s ongoing mission to improve global financial accessibility in regions lacking substantial banking infrastructure.

“This investment underscores Tether’s commitment to promoting financial inclusion and economic empowerment in disadvantaged regions,” said Paolo Ardoino, CEO of Tether.

Crypto plays a vital role in financial inclusion in those areas where traditional banking services are scarce. In Africa, crypto has become an integral part of many people’s daily financial activities.

Similarly, Central and South Asia and Oceania are also witnessing rapid growth in the crypto market, with India leading the transaction volume. Crypto offers faster remittances, stable alternatives to local currencies and opens up investment opportunities, Tether said.

“By supporting Sorted Wallet, we are unlocking new opportunities for people with basic mobile phones to participate in the financial system. Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and use cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy,” he said. added Arduino.

The investment will enable Sorted Wallet to expand its reach and promote a more connected and inclusive financial landscape. The firm aims to provide accessible digital finance to millions of people in disadvantaged regions.

“Financial empowerment shouldn’t depend on owning the latest smartphone,” said Stephen Browne, CEO of Sorted Wallet. “Through Tether’s investment, we are making this belief a reality for millions of people in Africa and South Asia.”

The move follows Tether’s first foray into agriculture earlier this month. The company became Adecoagro’s third largest shareholder after acquiring 9.8% of its shares, diversifying its investment portfolio with major holdings in land, Bitcoin and gold.

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