Tether Participates in Pave Bank’s $39 Million Series A Funding Round

Tether, the company behind the world’s leading stablecoin USDT, has joined a $39 million Series A funding round for Pave Bank. Pave Bank is a licensed financial institution that combines traditional banking with digital assets. 

Pave Bank to Improve its Banking Services

According to the announcement, Accel led this funding round. It also had participation from prominent investors such as Quona Capital, Wintermute, and several others.

Pave Bank affirmed it will use the money to improve its banking services. This will make it easier for businesses to work with traditional money and cryptocurrencies. The Georgia-licensed bank allows users to manage their money in real time, automate their financial tasks, and rely less on middlemen.

Interestingly, this places the bank as a leader in digital banking by combining programmable finance with blockchain technology. Pave Bank’s platform also offers a solution to global businesses that want to improve their treasury management. As more companies adopt digital assets, the bank helps with quick transactions and better control over funds, while still following all regulations.

Banks Work to Shape the Future of Digital Finance

Recently, a group of the world’s largest financial institutions started exploring the creation of a new form of stablecoin or digital money. 

Banks such as Goldman Sachs, Citi, Bank of America, and BNP Paribas are joining forces to create a reserve-backed digital asset. The goal is to provide a stable payment asset available on public blockchains, focused on G7 currencies.

The group of banks emphasized that they are already in discussion with regulators and supervisors in each relevant jurisdiction. They promised to work with regulators as the project grows, ensuring it abides by the rules.

If it succeeds, it could change how big banks and companies make transactions. It would also bring together the trust of traditional banking and the speed and transparency of blockchain technology.

Tether’s Commitment to Innovation and Growth

There is no doubt that Tether’s investment is part of its bigger plan to support safe and legal crypto platforms, among other companies. It has also invested in projects that help individuals in developing countries get better access to financial tools.

In August, Tether invested in Spain’s leading crypto exchange, Bit2Me. As reported by TheCoinRise, Tether Ventures was allocated a minority stake in Bit2Me. This supports the Spanish company’s wider €30 million funding round. With this move, Tether supports Bit2Me’s efforts to expand across Europe and Latin America.

In a similar vein, Tether has increased its investment in Juentus Football Club. The new investment raised the company’s total stake to over 10.12% of the club’s share capital. Furthermore, Tether has diversified its investment portfolio to include the agricultural sector. Last year, the firm acquired a 9.8% stake in Adecoagro, a major agricultural player in Latin America.