A Step Toward Financial Inclusion in the Middle East

On Aug 17, 2024

Tether Operations Limited has recently announced a strategic investment of $3 million into the Kem app, a platform focused on money transfers and financial management. This significant investment will enable Kem to introduce USD₮ on its platform, with the goal of promoting widespread adoption of the digital currency across the Middle East. This move aligns with Tether’s broader mission to transform traditional payment systems and advance financial inclusion on a global scale.

Advancing Financial Inclusion in the Middle East

The Middle East and North Africa (MENA) region has emerged 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 represents approximately 7.2% of the global transaction volume during that period, highlighting the region’s growing interest in digital assets. Several Gulf countries, particularly Dubai and Abu Dhabi, have become focal points in the crypto industry, further underscoring the strategic importance of this investment.

Tether’s investment in Kem is poised to have a significant impact on neighboring countries such as Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. The introduction of USD₮ on the Kem platform is expected to improve economic conditions in these regions, benefiting millions of expatriates who can now access more stable financial services. By providing an alternative to volatile local currencies, USD₮ can help alleviate concerns about hyperinflation and economic instability in these areas.

Expanding USD₮ Accessibility in the Gulf Region

One of the key outcomes of this investment is the increased accessibility of USD₮ for residents of the Gulf Cooperation Council (GCC) countries. Through established consumer financial platforms like the Kem app, users will have more convenient access to cross-border transactions, enhancing financial inclusion and security. Tether’s investment also marks a strategic expansion into the Middle East market, with Kem serving as a crucial regional asset in this endeavor.

In line with its mission to support a decentralized financial ecosystem, Tether continues to engage in various projects aimed at enhancing everyday consumer services. These initiatives include Pear Credit, a peer-to-peer accounting system designed for high scalability and resilience; HolePunch, a platform for peer-to-peer applications; and Keet, a free peer-to-peer instant messaging application that operates without the need for centralized entities. Tether is also investing in generative AI cloud platforms as part of its broader efforts to advance technology-driven financial solutions.

Paolo Ardoino, CEO of Tether, emphasized the importance of this investment in promoting financial inclusion and stability. He stated,

“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.”

This collaboration between Tether and Kem sets the stage for the app to enhance its offerings and better serve millions of underserved businesses throughout the Middle East. By integrating cryptocurrencies into its platform, Kem aims to emulate the success of similar financial platforms in other regions, driving mass adoption of digital currencies and fostering a more inclusive banking environment in the Gulf region.

In summary, Tether’s strategic investment in Kem represents a critical step toward achieving financial inclusion in the Middle East. By introducing USD₮ on the Kem platform, Tether not only advances its mission of transforming global payment systems but also supports the broader goal of financial stability and inclusion in one of the world’s most dynamic and rapidly growing regions.

Tether To Make Strategic $3 Million Investment in Kem, Paving the Way for Financial Inclusion in the Middle East
Learn more: https://t.co/20oivMsS6P
— Tether (@Tether_to) August 13, 2024

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