The partners will set up a special fund for local startups to help blockchain technology get better in the area.
The government of Georgia and Tether signed a Memorandum of Understanding (MOU). Tether is the company behind USDT, which is the most popular safe coin in the world.
The relationship makes the company even more of a “pioneering infrastructure partner for cities and countries around the world.” It will also help the country become a global center for blockchain technology.
Georgia Strengthens its Crypto Position
A paper that CryptoPotato saw said that the signed agreement could be good for both Tether and Georgia. Paolo Ardoino, the CTO of the stablecoin-issuer, called the move “a significant milestone” that could help his company reach its goal of offering a wider range of services.
“With a deep understanding of the potential of cryptocurrencies, Tether aims to empower cities and facilitate the adoption of blockchain technologies such as bitcoin as well as peer-to-peer technology solutions such as Keet and Holepunch,” he added.
At the same time, the Memorandum of Understanding will focus on creating a thriving startup environment in Georgia and boosting the country’s efforts in the crypto world. Both Tether and the Georgian government praised the country’s high quality of life and good working conditions, which could bring in capital from other countries.
Deputy Economy and Sustainable Development Irakli Nadareishvili
Development – said Tether wants to put money into the area. So, the company will start a fund for domestic startups to help build blockchain technology and make Georgia a leader in the field.
“We also agreed on cooperation in the educational field regarding blockchain technology, which will contribute to the development of local blockchain technologies in the country, as well as the introduction of companies operating in this sector in Georgia,” – the official revealed.
Tether’s Participation in the Lugano
In addition to its work in Georgia, the company has also met with the government of the Swiss city of Lugano.
The deal, which was signed last year, was meant to expand the town’s blockchain powers and make Bitcoin (BTC) and USDT legal currency in the area.
CTO Ardoino praised the plan, pointing out that El Salvador had a lot of success after making the main cryptocurrency a legal way to pay inside its borders.
“El Salvador’s GDP increased by 10% and its tourism by 30% after declaring Bitcoin a legal tender. Imagine what we can do in a city at the center of Europe.”
