August 13, 2024
Tether Operations Limited, a leading entity in the digital asset sector, has declared a strategic investment of $3 million in the Kem app, a platform engineered for financial management and money transfers. This partnership will lead to the introduction of USD₮ on the Kem platform, promoting its widespread use in the Middle East. This is a significant step forward in Tether's goal to transform conventional payment systems and promote global financial inclusion.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Kem App | $3M | August 13, 2024 | Strategic Investment | Tether | FinTech |
The Middle East and North Africa (MENA) region ranks sixth in terms of the size of its crypto economy, having received an estimated on-chain value of $389.8 billion between July 2022 and June 2023. This accounts for nearly 7.2% of the global transaction volume during this timeframe. Cryptocurrency has been a key focus for several Gulf nations, especially Dubai and Abu Dhabi.
The introduction of USD₮ on its platform aims to enhance the economic conditions in nearby countries such as Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. The use of USD₮ and accessible financial services could also benefit millions of expatriates in these regions, addressing concerns about hyperinflation and economic instability.
This investment will provide residents of the GCC with easier access to USD₮ through established consumer financial platforms like the Kem app, renowned for facilitating smooth cross-border transactions. Tether's investment highlights its dedication to increasing accessibility and promoting global financial inclusion. This move also represents a strategic foray into the Middle East market, with Kem acting as a regional asset.
This partnership paves the way for Kem to improve its services and cater more effectively to millions of underrepresented businesses across the Middle East. By integrating cryptocurrencies into its platform, Kem seeks to emulate the achievements of financial platforms in other markets that offer cryptocurrencies, thereby promoting widespread adoption and contributing to a more inclusive financial environment in the Gulf region.
About Kem
Kem is a rapidly growing payments app in Kuwait and the GCC region, designed to simplify money transactions. The app allows users to send and receive money instantly, request payments, and manage their finances with ease. With no hidden fees or minimum balance requirements, Kem offers a user-friendly experience for both personal and business transactions. The app also ensures secure and private payments, with encrypted transactions to protect user information. Whether splitting bills with friends or managing business finances, Kem aims to make financial transactions quick and hassle-free.
Website: https://kemkuwait.com/
About Investor
Investor: Tether
Tether is a pioneering company in the digital asset industry, best known for its flagship product, USD₮, the world’s largest stablecoin. Founded in 2014, Tether aims to revolutionize financial systems by providing a stable digital currency that facilitates seamless transactions across crypto exchanges and beyond. Over the years, Tether has expanded its scope to include investments in Bitcoin mining, AI infrastructure, and neurotechnology, all while promoting decentralization and financial autonomy. The company is committed to leveraging technology to empower individuals and communities, ensuring privacy, freedom, and sustainability.
Location: Seattle
Website: https://tether.io/
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