20 Sep, 2024

Tether Expands Global Reach with $1.5M Investment in Africa and Asia

Tether has announced a strategic $1.5 million investment in Sorted Wallet, a revolutionary crypto wallet designed specifically for feature phones and low-powered smartphones. Launched in 2023, Sorted Wallet aims to enhance financial inclusion by providing secure crypto transactions for unbanked and underbanked populations, particularly in regions like Africa and Southern Asia.The wallet has already made significant strides, with over 70,000 downloads in its first year, making it an accessible platform for those who lack access to traditional banking services. Tether's investment reinforces the company’s mission to drive global financial accessibility, especially in regions with limited banking infrastructure.Financial Inclusion with Crypto: Tether's Mission in Emerging MarketsPaolo Ardoino, Tether’s CEO, emphasized the importance of this investment: “This underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions.” By backing Sorted Wallet, Tether seeks to enable millions of individuals to access financial services via their mobile devices. Cryptocurrency is playing a pivotal role in regions like Africa, Central Asia, and Oceania, where traditional banking services are scarce. In countries like India, the use of crypto for fast remittances, investments, and stable alternatives to local currencies is growing at a rapid pace.How Sorted Wallet Expands Financial AccessWith Tether’s investment, Sorted Wallet is positioned to expand its reach across emerging markets, allowing users with even the most basic mobile devices to participate in the evolving digital economy. Stephen Browne, CEO of Sorted Wallet, remarked, "Financial empowerment should not depend on owning the latest smartphone. With Tether’s support, we’re turning this vision into a reality for millions."Tether’s Strategic Investment PortfolioThis move follows Tether’s recent interest in the agriculture sector. The company became the third-largest shareholder of Adecoagro, acquiring 9.8% of its shares as part of a broader strategy to diversify its investment portfolio, which now includes land, Bitcoin, and gold.Tether has also emerged as a major player in the U.S. treasury market. According to analysts at Bernstein, stablecoin issuers like Tether are among the 18th largest holders of U.S. treasuries, just behind Saudi Arabia. Tether’s profits from U.S. treasuries reached $5.2 billion in the first half of 2024, highlighting the growing importance of stablecoins in global finance.The Growing Stablecoin MarketThe stablecoin market is experiencing growth, with onchain payment volumes tripling to $1.4 trillion in the last 12 months. Stablecoins now account for 50% of all onchain transaction volumes, and the number of active users has increased to 22 million, with 120 million wallets holding non-zero balances.As Tether continues to lead the way in both financial inclusion and global finance, its investment in Sorted Wallet underscores a crucial shift towards a more connected digital economy.

16 Sep, 2024

JPMorgan Chase to Accept XRP for Credit Card and Mortgage Payments

JPMorgan Chase to Accept XRP for Credit Card and Mortgage Payments. In a groundbreaking move, JPMorgan Chase will begin accepting XRP, a popular cryptocurrency, for credit card and mortgage payments. This integration aims to enhance payment efficiency, reduce costs, and offer greater flexibility for consumers. Discover how linking XRP wallets to JPMorgan accounts allows for fast, low-cost transactions, positioning JPMorgan at the forefront of digital currency adoption in banking.JPMorgan Chase, a leading global financial institution, has officially declared its decision to accept XRP as a form of payment for both mortgage and credit card transactions. This initiative is a part of a broader strategy by JPMorgan to integrate blockchain technology into its services, highlighting the growing importance of digital currencies in the mainstream financial system.This development follows the increasing adoption of blockchain technology and cryptocurrencies across various sectors. The use of XRP, a digital currency developed by Ripple, is particularly noteworthy given its efficiency in processing cross-border transactions. JPMorgan’s decision to accept XRP is expected to set a precedent for other financial institutions, potentially leading to wider acceptance of cryptocurrencies for various financial transactions.How JPMorgan’s Move Affects the Real Estate MarketThe real estate market stands to benefit significantly from JPMorgan’s acceptance of XRP. Traditionally, real estate transactions have been bogged down by slow processing times, high fees, and complex regulations, especially in cross-border deals. With the integration of XRP, these transactions can be executed more swiftly, with reduced costs and increased transparency.Unlocking $120 Billion Value In Cross-Border PaymentsMoreover, the use of XRP in mortgage payments could attract a new segment of tech-savvy homebuyers who prefer to use digital currencies. This could lead to a shift in the real estate market dynamics, with properties becoming more accessible to a global audience who may not have easy access to traditional banking systems.In a groundbreaking move that is set to revolutionize the financial industry, JPMorgan Chase, one of the largest banks in the United States, has announced that it will begin accepting XRP, a popular cryptocurrency, for credit card and mortgage payments. This decision marks a significant shift in the banking sector’s attitude towards digital currencies and opens up new possibilities for consumers and the broader financial ecosystem. By integrating XRP into its payment systems, JPMorgan aims to enhance payment efficiency, reduce costs, and provide more flexible payment options for its customers. This initiative positions JPMorgan at the forefront of digital currency adoption, setting a precedent for the future of financial transactions.