Tether, which claims to be the largest company in the digital asset industry, has made a strategic investment in Fizen Limited, a Fintech specializing in self-custody crypto wallets and digital payments.
This investment underscores Tether’s commitment to supporting solutions that aim to “enhance financial accessibility and security in the digital asset ecosystem.”
Fizen offers payment technologies that “facilitate stablecoin transactions, making digital assets more accessible for consumers and businesses.”
It is one of the crypto companies delivering real value “to consumers and businesses, bringing crypto use cases to life.”
The World Bank’s Global Findex Report reveals that many individuals worldwide remain unbanked.
People in this category cite distance to the nearest financial institution and a lack of documentation requirements “as the primary reasons they could not access traditional banking services.”
This investment will enable Fizen to enhance its blockchain capabilities, facilitating the integration of stablecoins “across multiple blockchain ecosystems.”
It will also provide users access to a more efficient and user-friendly solution to store, transfer, and transact using stablecoins, “eliminating restricted access or complicated documentation.”
However, while stablecoins offer an alternative for those excluded from traditional financial systems, their practical “use in everyday commerce still faces hurdles despite clear advantages, such as lower fees, enhanced security, and near-instant transactions.”
Merchant usage remains a “key challenge.”
Through this investment, Fizen aims to “bridge this gap by enabling users to pay seamlessly with stablecoins.”
At the same time, merchants receive “instant fiat settlements through known payment methods like QR codes and card readers.”
This eliminates the need for additional infrastructure, “making digital asset payments more accessible and efficient for businesses worldwide.”
Market projections for 2024 state that QR code payments are expected to surpass $3 trillion, with 2.2 billion users by 2025, “driven by increasing smartphone penetration and the rising demand for digital transactions.”
With this strategy and technological and business development foundations, the collaboration between Fizen and Tether “looks to accelerate the widespread use of crypto payments at scale to usher in an era of seamless digital transactions.”
Paolo Ardoino, CEO of Tether, said:
“Tether’s investment in Fizen underscores our commitment to expanding global access to efficient and reliable digital financial solutions that promote the informed responsible use of digital assets in everyday life. At Tether, we recognize the crucial role of self-custodial payment infrastructure in driving real-world use cases. Fizen’s innovative model helps to bridge the gap between self-custody and digital payments, empowering users with greater financial independence while reinforcing our leadership as the most widely used stablecoin globally, advancing inclusive access to the financial system.”
Leo Vu, Founder and CEO of Fizen.io, stated:
“Stablecoins like USD₮ will undoubtedly drive crypto payments and financial inclusion worldwide. The technology infrastructure is already in place, but we lack consumer-friendly applications with intuitive UI/UX to accelerate mass integration. Fizen is solving this by making crypto payments an intuitive part of daily transactions, allowing users to pay seamlessly without even realizing they are using blockchain technology.”
By integrating Fizen’s technology with Tether’s leadership in the stablecoin industry, this collaboration “will accelerate digital asset utilization while upholding the utmost security standards.”
It will further solidify Tether’s role in advancing “blockchain-based finance and its commitment to global financial inclusion.”