- Tether invests in African fintech Shiga Digital, expanding USDT access and blockchain finance tools across the continent.
- Shiga offers pan-African blockchain solutions: virtual accounts, OTC trading, treasury, and FX services using USDT.
Tether has made an investment in Shiga Digital, a small financial technology startup. This expands Tether’s activities related to the African market. The announcement was made on Thursday. Tether did not provide the specific amount of money involved.
Shiga Digital operates a platform designed to offer financial tools using blockchain technology across Africa. The company lists services including virtual accounts, over-the-counter (OTC) trading, treasury management, and foreign exchange services. Its stated goal is to provide these solutions pan-continentally.
This represents Tether’s latest step concerning Africa
Earlier this year, the large stablecoin issuer announced a collaboration with the African cryptocurrency exchange Quidax. Tether has also revealed other projects linked to Africa. These include a Bitcoin mining program and an investment in MANSA, a cross-border payment company serving clients located in Africa.
In its official statement, Tether described the Shiga Digital investment as part of an effort to tackle financial difficulties experienced by African businesses. It specifically mentioned challenges in cross-border payments and reaching global money pools.
Tether stated the collaboration will use USDT on a blockchain-based financial system to address these issues. Tether also noted the partnership will aid treasury and foreign exchange management for established sectors like oil and gas, both inside and outside Africa.
Information about Shiga Digital is limited
The company maintains a small presence on the social media platform X. Its LinkedIn profile states it is headquartered in Abu Dhabi and employs no more than ten people. Tether, in contrast, is the world’s largest issuer of stablecoins. It regularly reports profits measured in billions of dollars.
Tether’s statement also pointed to changes in Africa’s digital asset environment. It referenced recent events like Morocco’s central bank drafting cryptocurrency rules. This, Tether suggested, shows African countries are preparing to adopt blockchain technology. The statement added that interest in digital assets is increasing across the continent.
Paolo Ardoino, Tether’s CEO, commented on the deal. “By collaborating with innovators like Shiga Digital, we aim to deliver financial access and efficiency to African enterprises,” Ardoino stated.
He concluded, “Together, we are not just imagining a future powered by blockchain technology, we are building it.”
The post Tether Targets Africa: USDT Giant Backs Shiga for Blockchain Payments appeared first on ETHNews.
