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

Mila September 19, 2024

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Key Takeaways

Tether’s $1.5 million investment in Sorted Wallet targets financial inclusion in Africa and Southern Asia.
Sorted Wallet facilitates secure crypto transactions on basic mobile phones, promoting economic empowerment.

Tether has invested $1.5 million in Sorted Wallet to enhance financial inclusion in Africa and Southern Asia, where many individuals lack access to traditional banking services, said the company in a Thursday announcement.

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 its first year.

Sorted Wallet offers secure crypto transactions, particularly 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 advancing financial inclusion and economic empowerment in underserved regions,” Paolo Ardoino, CEO of Tether, said.

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

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

“By supporting Sorted Wallet, we unlock new opportunities for individuals 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 utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy,” Ardoino added.

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

“Financial empowerment should not depend on owning the latest smartphone,” Stephen Browne, Sorted Wallet’s CEO, stated. “With Tether’s investment, we are turning that belief into reality for millions across Africa and Southern Asia.”

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