Kuwait City — In a significant move to enhance access to digital financial services in the Middle East, Tether, the largest company in the digital asset industry, has invested $3 million in Kem, Kuwait’s fastest-growing P2P payment app. This landmark deal will accelerate the regional adoption of USD₮, combining Tether’s commitment to expanding digital finance with Kem’s leadership in real-time payments across the Gulf region.
Seth Sadeq, CEO of Kem, emphasized the importance of this collaboration, stating, “This partnership with Tether is one of the most crucial developments in the crypto industry today. It will bridge access to decentralized financial services, improving the lives of millions and providing a safeguard against hyperinflation and currency fluctuations for people in economically challenged regions.”
Paolo Ardoino, CEO of Tether, highlighted the strategic nature of the investment, noting, “Our investment in Kem App reinforces Tether’s mission to promote financial inclusion and stability. We believe that everyone should have the means to protect themselves against inflation while enjoying unrestricted access to financial services. Kem’s platform simplifies access to the financial system, perfectly aligning with our goal of advancing financial freedom for all.”
This investment marks a strategic expansion for Tether into the Middle Eastern market through Kem, signaling Kuwait’s growing openness to foreign investments and efforts to align with the FDI performance of its GCC neighbors, such as the UAE and Saudi Arabia.
George Chichua, CFO of Kem, expressed excitement about the partnership, stating, “Tether is building a decentralized ecosystem of everyday consumer services. We see their ecosystem leading the way to a more equally distributed world, and Kem is thrilled to be part of this future.” This collaboration is a key step in Kem’s mission to transition the Gulf region into a digital cash economy.
The partnership comes at a pivotal time for Tether, which has seen its 24-hour trading volume surpass that of Bitcoin, Ethereum, Solana, and USDC. In the first half of 2024 alone, Tether announced a $5.2 billion net profit, with its exposure to Treasuries exceeding that of several large nations, including Germany, the UAE, and Australia.
Zane Sadeq, COO of Kem, added, “With Tether’s support in introducing USD₮ on the Kem App, we can empower millions of underserved businesses and individuals throughout the region, driving financial inclusion and innovation.”
