Tether makes $3 million strategic investment in Chem, paving the way for financial inclusion in the Middle East
August 13, 2024 — Tether Operations Limited, the largest digital asset industry leader, announced a $3 million strategic investment in the Kem app, a platform designed for money transfers and financial management. With this collaboration, Kem App will introduce USD₮ to its platform and increase its adoption in the Middle East. This marks a significant milestone in Tether’s mission to revolutionize traditional payment systems and promote financial inclusion globally.
The Middle East and North Africa (MENA) boasts the sixth largest crypto economy of all regions, with an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. This represents almost 7.2% of global trading volume during this period. Cryptocurrencies have become a central focus for Gulf countries, particularly Dubai and Abu Dhabi.
This investment, which launched USD₮ on the platform, aims to improve the economic situation of neighboring countries such as Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. Millions of foreigners in these regions will also benefit from access to USD₮ and available financial services, alleviating concerns about hyperinflation and economic instability.
Through this investment, GCC residents will be able to more conveniently access USD₮ using established consumer finance platforms like the Kem app, which is known for enabling seamless cross-border transactions. It will be. Tether’s investment underscores Tether’s commitment to expanding accessibility and promoting financial inclusion globally. This initiative also marks a strategic expansion into the Middle East market, where Kem serves as a regional asset.
Tether is constantly working towards enabling a decentralized ecosystem that encompasses everyday consumer services. These efforts include projects such as Pear Credit. Pear Credit is a highly scalable and resilient accounting system that leverages peer-to-peer technology. HolePunch, a platform for peer-to-peer applications. Keet is a free peer-to-peer instant messaging application that works without the need for a centralized entity on your device, including a significant investment in a generative AI cloud platform.
“This investment strengthens Tether’s commitment to promoting financial inclusion and stability,” said Paolo Ardoino, CEO of Tether. We believe that you should have the means to protect your family and business from inflation while enjoying unlimited access, and our investment in Kem App is a testament to this belief, and this platform provides access to the financial system. It perfectly aligns with our mission to provide tools that simplify financial freedom for everyone.”
This partnership will enable Kem to enhance its services and better serve millions of underserved businesses across the Middle East. By incorporating cryptocurrencies into its platform, Kem hopes to replicate the success of financial platforms offering cryptocurrencies in other markets, drive mass adoption in the Gulf region, and foster a more inclusive banking environment. That’s what I’m aiming for.
