Tether has invested $20 million in Argentine digital bank Ualá, according to Bloomberg. The investment forms part of Ualá’s $197 million funding round announced in March. Ualá said it plans to use the capital to speed up expansion across Argentina, Mexico and Colombia.
Founder and CEO Pierpaolo Barbieri said Ualá will not integrate the USDT stablecoin on its platform in the near term because of the regulatory environment in Argentina and Mexico. He said Tether is participating only as a financial investor.
Ualá has 11 million customers and was valued at $3.2 billion after the round. The company also plans to accelerate its expansion in Mexico.
Tether has invested $20 million in Argentine digital bank Ualá, according to Bloomberg. The investment is part of Ualá’s $197 million funding round announced in March.
Ualá said it will use the funding to speed up expansion in Argentina, Mexico and Colombia. After the round, the company was valued at $3.2 billion. It has 11 million customers and plans to step up expansion in Mexico.
Founder and CEO Pierpaolo Barbieri said Ualá will not integrate the USDT stablecoin on its platform in the near term because of the regulatory environment in Argentina and Mexico. Tether is taking part only as a financial investor, he said.
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