Tether, the company behind the USDT coin, recently announced a partnership with the government of Georgia. The firm has signed a Memorandum of Understanding (MOU) with the nation’s government to develop blockchain, Bitcoin, and peer-to-peer infrastructure. This partnership aims to foster innovation and create a favorable ecosystem for technological startups in Georgia.
The initial step of this collaboration involves the creation of a fund that provides investment and grants to Georgian startups in the blockchain technology field. Tether also plans to promote the adoption of payment systems based on peer-to-peer technologies in both the public and private sectors. The Deputy Minister of Economy and Sustainable Development of Georgia, Irakli Nadareishvili, expressed his enthusiasm for Tether’s interest in investing in Georgia and its contribution to positioning the country as an attractive ecosystem for technological startups.
One of the key areas of cooperation outlined in the MOU is education in blockchain technology. Tether and the government of Georgia have agreed to collaborate in developing local blockchain technologies and facilitating the entry of companies operating in this sector into Georgia. This partnership aims to advance the knowledge and expertise in blockchain technology within the country.
Georgia has shown mixed engagement with the crypto industry in recent years. Data from the University of Cambridge indicates that Georgia’s contribution to the world’s Bitcoin hashrate is relatively low at 0.23%. However, this figure does not account for the country’s significant dedication of national power consumption to crypto mining. The Central Asia region, including Georgia, has experienced a growth in mining activities since the mid-2010s.
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In the winter of 2021, Georgia faced power outages and blackouts attributed to crypto mining activities. Despite these challenges, Georgia remains committed to its crypto ambitions. The country has expressed its intention to become a crypto hub by adopting regulations inspired by the European Union.
Tether’s partnership with the government of Georgia aligns with its global strategy of building resilient cities and nations. Paolo Ardoino, the CTO of Tether, emphasized the company’s aim to create a flourishing environment for peer-to-peer technology usage through collaboration with the government. The partnership also seeks to foster a thriving startup ecosystem in Georgia and enhance education in the fields of cryptocurrencies and blockchain.
Tether has been proactive in promoting blockchain education in Georgia through other collaborations. In May, the company signed an MOU with the University of Business and Technology of Georgia to promote education in cryptocurrencies and blockchain. These initiatives reflect Tether’s dedication to advancing blockchain technology and nurturing future talent in the industry.
With limited international players active in Georgia’s crypto scene, Tether sees an opportunity to enter the Central Asian market and contribute to the country’s growing interest in cryptocurrencies. By investing in Georgian startups and supporting blockchain education, Tether aims to play a significant role in developing the crypto ecosystem in Georgia.
Overall, this partnership between Tether and the government of Georgia holds great potential for fostering innovation, creating job opportunities, and positioning Georgia as a favorable destination for technological startups in the blockchain industry. Through investment, grants, and education initiatives, Tether aims to build a resilient and thriving crypto ecosystem in the country.
