Tether Teams With XREX Group; Is The Financial System Evolving?
The post Tether Teams With XREX Group; Is The Financial System Evolving? appeared on BitcoinEthereumNews.com.
On June 5, Tether, the stablecoin offerer unveiled its $18.75 Million investment in a blockchain-enabled financial institution. Driving innovation in the digital asset sector, driving financial inclusion, and advancing Tether (USDT)-based cross-border payments are some major aims of the collaboration. Tether’s $18 Million Investment to Drive Financial Inclusion Tether is expanding its roots to drive financial inclusion in emerging markets. Investment collaboration with XREX Group, a Taiwan-based crypto exchange. Facilitating USDT-based payments in the evolving market and innovation in the crypto space initiated the collaboration. At press time, USDT was trading at $0.9998 with a market cap of $112,290,000,578 and $72,006,808,571 in 24-hour volume. TETHER INVESTS $18.75M IN TAIWAN-BASED XREX CRYPTOCURRENCY EXCHANGE – Stablecoin issuer Tether has announced an $18.75 million investment in XREX Group, a Taiwan-based cryptocurrency exchange. – This strategic move aims to enhance cross-border business-to-business payments in… https://t.co/swTBeM7985 pic.twitter.com/kVyuaDYS4g — BSCN (@BSCNews) June 5, 2024 The collaboration would enable XREX to improve cross-border Business-2-Business (B2B) payments at lower costs. “Tether’s strategic investment in XREX Group illustrates our unwavering commitment to fostering financial inclusion in emerging markets,” said Paolo Ardoino, CEO of Tether. In response, XREX Group CEO, Wayne Huang expressed the happiness and significance of the strategic partnership. “Tether and XREX have collaborated successfully to help law enforcement agencies identify, arrest, and sentence criminals,” said Huang. What Next? Tether’s strong support and investment will help XREX Group expand its Regulatory Technology (RegTech) product line which defines the firm’s accountability as a financial institution. The product line will offer solutions to encounter and mitigate illegal activities in the crypto market, especially associated with the stablecoins. Furthermore, the financial institution will work with the Unitas Foundation to introduce XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt). This will offer the users a reliable option and a hedge…
Filed under: News - @ June 5, 2024 6:22 pm