The biggest player in the digital asset space, Tether, has invested $3 million in Kem, the P2P payment app in Kuwait that is expanding the fastest. With Tether’s dedication to increasing access to digital finance systems and Kem’s standing as a rising leader in real-time payments in the Gulf, this historic agreement is expected to enhance the regional uptake of USD₯.
“This collaboration with Tether is one of the most important deals in the crypto industry right now,” said Seth Sadeq, Kem’s CEO. “This will help bridge the access to decentralised financial services that will improve the lives of millions. Also, people from countries facing dire economic situations can mitigate the effect of hyperinflation and currency fluctuations back home.”
Paolo Ardoino, CEO of Tether, said, “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. Our investment in the Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”
Tether’s investment is a calculated move to increase market access in the Middle East through a newly established payment service in Kuwait. For Kuwait, the investment represents a step in the right direction toward opening up to foreign investment and catching up to its GCC neighbors, like the United Arab Emirates and Saudi Arabia, in terms of FDI performance.
“Tether is building a decentralised ecosystem of everyday consumer services,” says George Chichua, CFO of Kem. “We see their ecosystem leading the way to a more equally distributed world, and Kem is excited to be a part of this future.”
Kem’s attempt to convert the Gulf into a digital cash economy is now underway with this investment.
With a 24-hour trading volume that surpassed that of Bitcoin, Ethereum, Solana, and USDC, the partnership comes at a historic moment for Tether. Tether reported a $5.2 billion net profit in just the first half of 2024. Additionally, Tether’s exposure to Treasury bonds is greater than that of numerous sizable countries, including Australia, Germany, and the United Arab Emirates.
“With Tether’s support to introduce USD₮ on the Kem App, we can support millions of underserved businesses and individuals throughout the region,” says Zane Sadeq, COO of Kem.
