Tether invests $1.5m in Sorted Wallet to boost financial access

Tether has invested $1.5 million in Sorted Wallet, a platform that helps people in emerging markets access crypto using simple mobile phones.

Sorted Wallet allows people without bank accounts or limited banking options to use crypto. It works on basic mobile devices, enabling users to store, send, and receive crypto. The platform doesn’t control users’ funds, making it a secure option for those in developing regions.

Cryptocurrency has become important in areas where traditional banking is limited. In places like Africa and parts of Asia, many people rely on crypto to make faster, cheaper payments and protect their money from unstable local currencies. It also offers an alternative to traditional banking, which can be expensive or inaccessible.

Tether’s CEO, Paolo Ardoino, said this investment helps expand financial services to underserved communities.

“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.”

Paolo Ardoino

In June, Tether invested $18.75M in cross-border crypto exchange XREX to support USDT-based payments in emerging markets. XREX planned to use the funds to enhance cross-border business payments and collaborate with the Unitas Foundation to launch a gold-backed stablecoin.

This investment followed Tether’s expansion efforts in Eastern Europe and the UAE.