The partnership is a promising development for both Tether and RAK DAO. By combining their expertise and resources, they aim to empower individuals and businesses in the region to utilize the power of blockchain technology.
Tether Operations Limited said it signed a Memorandum of Understanding (MOU) deal with RAK Digital Assets Oasis (RAK DAO). As a result of this deal, the companies aim to strengthen the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate in the United Arab Emirates.
Crypto Adoption to Increase in RAK
According to the announcement, Tether will collaborate with RAK DAO to promote crypto payment usage in the region and develop blockchain-focused educational initiatives. RAK DAO is at the center of the region’s efforts to propel Web3 innovation and increase economic growth in the emirate.
Notably, RAK DAO is the world’s first and only common law Free Zone focused on crypto companies. This collaboration positions the firm at the forefront of the region’s efforts to drive Web3 innovation and stimulate economic growth within the emirate
With over 100 businesses already expressing interest in RAK DAO, Tether’s collaboration will focus on developing comprehensive educational initiatives. These programs aim to empower and educate local businesses, unlocking new avenues for growth and innovation.
Moreover, Tether, through its recently launched educational arm Tether Edu, will design educational programs catering to individuals of various skill levels. These programs will cut across fields like Bitcoin, stablecoin adoption, peer-to-peer technologies, blockchain, and real-world applications of crypto.
“Tether is proud to collaborate with RAK DAO to unlock the immense potential of Bitcoin and blockchain technology within the region,” says Tether’s CEO Paolo Ardoino. “Ras Al Khaimah is in a prime position to become the region’s leading hub of blockchain technology and innovation, and Tether is committed to working with RAK DAO to make this dream a reality,” Ardoino added.
Overall, the partnership is a promising development for both Tether and RAK DAO. By combining their expertise and resources, they aim to empower individuals and businesses in the region to utilize the power of blockchain technology.
Tether Expands Operations
The recent partnership comes shortly after Tether announced an expansion of its operations. In March, the company introduced several new infrastructure solutions that cater to a more inclusive business. The new divisions introduced by the firm include Tether Edu, Tether Data, Tether Power, and Tether Finance.
Tether CEO explained that the firm has successfully achieved the disruption of the traditional ecosystem through its USDT stablecoin. Therefore, it is now focusing on further disruption of conventional systems to prompt fairness.
In a bold move, the company said it will soon complete its $500 million investment into Bitcoin mining. Meanwhile, Tether has built several mining operations in nations with renewable energy stations.
Furthermore, Tether has revealed its collaboration with blockchain analytics startup Chainalysis. The partnership was in response to growing criticism of Tether’s role in facilitating cross-border transactions, especially in countries subject to sanctions.
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