A significant step has been taken by Tether, the company behind the USDT coin, towards supporting the blockchain industry in Georgia. In a recent partnership with the Georgian government, Tether plans to establish a fund dedicated to supporting local startups championing blockchain technology.
Cultivating a symbiotic relationship, this alliance will not only boost Georgia’s emerging tech sector but also amplify the adoption of payment systems imbued with peer-to-peer technologies across both public and private sectors. This echoes the sentiment of Georgia’s Deputy Minister of Economy and Sustainable Development Irakli Nadareishvili, who regards this alliance as an opportunity to position Georgia as an ideal ecosystem for technological startups.
Yet, the journey to crypto acceptance in Georgia has been far from smooth. Although contributing a mere 0.23% of the world’s Bitcoin hashrate as per Cambridge data in January 2022, Georgia is one of the few nations that devotes a considerable chunk of its national power consumption to mining crypto. This increased devotion to crypto mining, especially since the mid-2010s, resulted in communities experiencing power outages and blackouts last winter, leading to pointed fingers at crypto miners.
Despite these initial stumbling blocks, Georgia maintains its ambition to become a hub for crypto adaptation, unveiling last year its plans to adopt EU-inspired regulations. This impetus coupled with Tether’s commitment to building globally resilient cities and nations lends further weight to this partnership.
As the CTO of Tether, Paolo Ardoino, puts it, Tether aims to create a thriving environment for peer-to-peer technology usage through close collaboration with the Georgian government, which he views as a significant milestone for Tether. To that end, Tether seems unwavering in its commitment to nurture a thriving startup ecosystem in Georgia and educate students in blockchain-related subjects.
Tether seems to recognise the potential market opening in a country where major international players are limited yet the demand for crypto is increasing. Following its deal with the University of Business and Technology of Georgia this May, Tether now focuses on promoting crypto and blockchain education, opening avenues not only for Georgia but also setting a precedence for other countries to follow.
Source: Cryptonews
