Middle East and North Africa crypto economy reaches $389.8 billion in on-chain value, representing 7.2% of global transactions.
Key Takeaways
- Tether invests $3 million in Kem app to introduce USDT and drive crypto adoption in the Middle East.
- MENA region is the sixth-largest crypto economy with $389.8 billion in on-chain value from July 2022 to June 2023.
Tether Operations Limited is investing $3 million in Kem, a money transfer and financial management app. The investment aims to introduce the stablecoin Tether USD (USDT) on Kem’s platform, driving crypto adoption in the Middle East.
The Middle East and North Africa (MENA) region is the sixth-largest crypto economy globally, with $389.8 billion in on-chain value received between July 2022 and June 2023. This represents 7.2% of global transaction volume during this period.
The investment targets improved economic conditions in Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. Expatriates in these regions could benefit from USDT and accessible financial services, addressing concerns about hyperinflation and economic instability.
“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,” stated Paoplo Ardoino, CEO of Tether.
He added that the investment in Ken “is a testament to this belief,” as the platform provides tools that simplify access to the financial system, which aligns with Tether’s mission to advance financial freedom for all.
The company is also involved in projects like Pear Credit, HolePunch, and Keet, as well as investments in AI cloud platforms.
The collaboration aims to enhance Kem’s offerings and serve underserved businesses in the Middle East. By incorporating crypto into its platform, Kem seeks to drive mass adoption and foster a more inclusive banking landscape in the Gulf region.
Expansion plans
As reported by Crypto Briefing, Tether plans to invest $1 billion in startups until the end of 2025. Through its venture arm called Tether Investments, the company will focus on alternative financial infrastructure, artificial intelligence (AI), and biotech.
In an interview with Bloomberg, Ardoino highlighted Tether’s intention of investing in technology that facilitates disintermediation in traditional finance.
“We can offer AI computing to all the companies we have invested in,” Ardoino said. “It’s all about investing in technology that helps with disintermediation with traditional finance. Less reliance on the big tech companies like Google, Amazon and Microsoft.”
