Tether and Sorted Wallet are mostly targeting Africa and Southern Asia markets where there is limited access to traditional banking services.
Tether Operations Limited, the leading issuer of multichain stablecoins, has announced a strategic investment of about $1.5 million in Sorted Wallet, a fast-growing crypto wallet firm focused on feature phones and low-powered smartphones. According to the announcement, the strategic investment will bolster cryptocurrency adoption in Africa and Southern Asia, where most people have been sidelined by traditional banking services.
In turn, Tether will be accelerating its mission of disrupting the conventional financial system with a more modern approach to money.
“By supporting Sorted Wallet, we unlock new opportunities for individuals with basic mobile phones to participate in the financial system. We aim 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,” Tether CEO Paolo Ardoino noted.
According to Stephen Browne, CEO of Sorted Wallet, the adoption of web3 protocols and digital assets should not be limited to investors with the latest smartphone. Moreover, most decentralized applications (Dapps) and CeDeFi protocols require the latest operating systems on the mobile versions to operate seamlessly.
“Tether’s investment is a testament to the potential of Sorted Wallet to transform lives through accessible digital finance. Together, we are writing a new chapter in financial inclusion, one phone at a time,” Browne noted.
Bright Future for Sorted Wallet
Amid the mainstream adoption of digital assets and web3 protocols globally, Sorted Wallet has identified an untapped potential in Africa and Southern Asia. Furthermore, investors from these regions have heavily adopted digital assets in cross-border payments, and general investments, among others.
For instance, India leads the two regions in transaction volume of about $268 billion by mid-last year. Nevertheless, the lack of clear crypto regulatory frameworks in the two regions, the adoption of digital assets has grown exponentially in the past few years.
The Sorted Wallet has also received strategic funding from Blockchain Founders Group in the past to help accelerate its development plans.
As a result, the firm intends to launch the Sort L2 network, an optimistic rollup that offers zero gas to users.
Currently, the Sorted Wallet has integrated with five blockchains including Ethereum ETH $2 919 24h volatility: 3.0% Market cap: $352.28 B Vol. 24h: $23.77 B , Polygon POL $0.13 24h volatility: 3.3% Market cap: $1.39 B Vol. 24h: $77.86 M , Tron TRX $0.31 24h volatility: 2.8% Market cap: $29.18 B Vol. 24h: $700.19 M , BNB Chain, and Bitcoin BTC $88 941 24h volatility: 1.2% Market cap: $1.78 T Vol. 24h: $40.43 B . In the near term, the firm has promised to integrate more blockchains including Toncoin (TON), depending on the user demand.
As of this writing, the Sorted Wallet takes pride in more than 83k downloads from 64 countries.
Furthermore, the Sorted Wallet supports at least ten languages, thus aiming for at least 1 billion non-smartphone users.
Eventually, the regions with the lowest GDP will rise in tandem with the Bitcoin and crypto bullish tide, which tends to recur every four years, with each cycle separated by the BTC halving event.
next