Today, Tether, a virtual currency firm powering USDT stablecoin, announced a strategic investment in Fizen, a fintech firm that focuses on digital asset payments and private crypto wallets. This investment highlights Tether’s dedication to promoting advanced solutions aiming to develop financial adoption and safety of the digital currency network.
Fizen is a fintech firm that offers innovative payment technologies designed to enable smooth stablecoin trading and accessible digital asset usage among people and businesses. It is one of the digital asset firms enabling people and businesses to easily adopt and use digital assets for everyday life activities.
Improving financial inclusion with digital assets
Data from World Bank shows that millions of people across the world are still unable access banking services. People in this group often mention distance to nearby financial firms and lack of required documents as the key factors hindering them from accessing traditional banking services.
With Tether’s strategic investment, Fizen is set to expand its blockchain abilities, enabling the smooth integration of stablecoins across several blockchain networks. Also, with this investment, Fizen is well-equipped to enable people to access effective and easy-to-use trading solutions to invest, hold, and transact digital assets using stablecoins. Easy access to such trading solutions is the power that people need to address financial needs beyond obstacles associated with limited access to financial services.
Leveraging alternative digital payment methods
Besides spearheading financials inclusion across the world, the partnership also aims to leverage alternative digital payment methods to reach the globe.
Through benefits like almost-instant transactions, improved security, and reduced gas fees, stablecoins provide a powerful alternative for people left out from the conventional financial systems. However, despite these advantages, stablecoin applications in day-to-day businesses activities still encounter challenges. Just to mention a few, use of stablecoins among merchants remains a major setback.
Therefore, by leveraging this partnership, Fizen wants to close this gap by allowing users to efficiently settle payments using stablecoins. Also, the fintech also intends to enable merchants get instant fiat settlements through popular payment means like card readers and QR codes. While the digital payments methods remove the need for extra infrastructure, they make crypto payments more seamless and accessible for businesses across the world.
Market forecast for 2024 anticipated QR code payments to exceed $3 trillion worldwide. This is a substantial rise from $2.4 trillion in 2022. This increase is fuelled by catalysts, including rising mobile phone penetration, the surge of mobile payments, the expanding applications of QR codes for varied applications, and the increasing demand for simplified, secure, and efficient digital transaction.
The partnership between Tether and Fizen is designed to hasten the broad adoption of digital asset payments on a large scale in the era of convenient digital transactions.
Conclusion
In short, with the integration of Fizen’s infrastructure with Tether’s expertise in the stablecoin sector, this partnership is set to hasten digital asset application worldwide. It sets to further strengthen Tether’s role in promoting blockchain-focused finance and its dedication to international financial inclusion.
