Blockchain-enabled platform, Tether, has announced a strategic investment of $1.5 million (Sh. 193.4 million) in Sorted Wallet, a platform designed to provide easy access to cryptocurrencies for users in emerging markets.
This investment aims to enhance financial inclusion across Africa and Southern Asia.
Tether aims to foster a more connected and inclusive global financial landscape by empowering Sorted Wallet to expand its reach.
The company says this also reflects Tether’s commitment to driving the growth of digital finance and promoting innovative solutions that address the financial needs of underserved populations worldwide, i.e., areas with little or no banking infrastructure.
Tether CEO Paolo Ardoino said by supporting Sorted Wallet, they are unlocking new opportunities for individuals with basic mobile phones to participate in the financial system.
“This investment underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions,” Ardoino said.
“Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilise cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy.”
Sorted Wallet seeks to offer secure and accessible cryptocurrency transactions, bridging the gap for unbanked and underbanked individuals in developing regions.
Catering to users with limited access to advanced technology, the platform is specifically designed for feature phones and low-powered smartphones, providing a non-custodial wallet that promotes economic empowerment and financial inclusion.
On his part, Sorted Wallet CEO Stephen Browne said Tether’s investment is a testament to the potential of Sorted Wallet to transform lives through accessible digital finance.
“Sorted Wallet was born from the belief that financial empowerment should not depend on owning the latest smartphone. With Tether’s investment, we are turning that belief into reality for millions across Africa and Southern Asia,” Browne said.
“Together, we are writing a new chapter in financial inclusion, one phone at a time.”
Limited access to traditional banking services has resulted in having cryptocurrency as an emerging crucial tool for financial inclusion in Africa and Southern Asia.
According to Chainalysis, in Africa, crypto has penetrated key markets and become important to many residents’ daily lives.
Similar to previous years, Chainalysis noted that Sub-Saharan Africa has the smallest crypto economy of all regions, accounting for 2.3% of global transaction volume between July 2022 and June 2023.
During that time period, the region received an estimated $117.1 billion in on-chain value.
“Sub-Saharan cryptocurrency market also appears more retail-driven than most, with a larger share of transaction volume coming in transactions under $1 million in value compared to most other regions,” Chainalysis said.
Although Sub-Saharan Africa has consistently been one of the smallest cryptocurrency markets, a closer analysis reveals that crypto has penetrated key markets and become an important part of many residents’ day-to-day lives.
Central & Southern Asia and Oceania (CSAO) boast one of the world’s most dynamic and fascinating crypto markets.
As of June 2013, India led the region in transaction volume, receiving an estimated $268.9 billion in crypto assets.
In both regions, cryptocurrency enables faster, more affordable remittances, provides an alternative to unstable local currencies and offers investment opportunities.
Despite regulatory concerns, crypto adoption continues to grow as people seek more efficient financial solutions.
For those with only basic mobile phones, cryptocurrency is their gateway to the global financial system.
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