Kem, Kuwait’s rapidly growing peer-to-peer payment app, has secured a significant $3 million investment from Tether, a leading player in the digital asset industry. This strategic partnership aims to boost the regional adoption of Tether’s USD₮ and enhance access to digital financial services in the Gulf region.
Seth Sadeq, CEO of Kem, highlighted the significance of the collaboration: “Partnering with Tether marks a major milestone in the cryptocurrency sector and will vastly improve decentralized financial services, benefiting millions. It particularly aids individuals in economically volatile regions by providing stability against hyperinflation and currency fluctuations.”
Paolo Ardoino, CEO of Tether, emphasized the investment’s alignment with Tether’s goals: “This investment underlines our dedication to fostering financial inclusion and stability worldwide. The Kem App, with its tools that simplify financial system access, aligns perfectly with our mission to advance financial freedom for everyone.”
This investment is poised to open doors for Tether in the Middle Eastern market, enhancing Kem’s role as a frontrunner in real-time payment services in Kuwait. It also signals Kuwait’s growing openness to foreign investments and its efforts to match the foreign direct investment (FDI) achievements of neighboring GCC countries like the UAE and Saudi Arabia.
George Chichua, CFO of Kem, expressed enthusiasm about joining Tether’s efforts: “Tether is crafting a decentralized ecosystem that promises a more equitable global distribution of resources. Kem is excited to be a part of this transformative journey.”
The investment is particularly timely for Tether, following a period of significant financial achievements, including a $5.2 billion net profit in the first half of 2024 and a trading volume that surpassed major cryptocurrencies like Bitcoin and Ethereum. Tether’s extensive exposure to Treasuries also highlights its significant global financial influence.
Zane Sadeq, COO of Kem, looks forward to the future benefits: “With Tether’s support, integrating USD₮ on the Kem App will empower countless underserved businesses and individuals across the region.”
This collaboration between Kem and Tether is a strategic step towards transitioning the Gulf into a digital cash economy, promising enhanced economic stability and accessibility.
