Argentine Digital Bank Ualá Receives $20M Investment from Tether
The leading stablecoin issuer Tether has put $20 million into Argentine digital banking platform Ualá, contributing to the neobank's $197 million capital raise that was disclosed in March.
The prominent stablecoin issuer Tether has reportedly committed $20 million to Argentine digital banking platform Ualá, representing another strategic move in its expansion efforts throughout the Latin American region.
According to Bloomberg, this capital injection was part of Ualá's $197 million equity financing round that the neobank publicly announced in March, with Allianz X serving as the lead investor. While Ualá had previously identified Tether among the participating investors during the initial announcement, the specific dollar amount of Tether's contribution was not disclosed at that time.
Attempts by Cointelegraph to obtain official confirmation from Tether regarding the investment had not yielded a response prior to the time of publication.
Just a few months ago in July, Tether made public a separate $20 million strategic investment in Mercado Bitcoin, Brazil's cryptocurrency trading platform, with the stated objective of bolstering the development of onchain infrastructure throughout the Latin American market.
Additionally, in April of this year, Tether took the lead role in a $14 million Series A financing round for Belo, an Argentine cryptocurrency platform, alongside contributions from Titan Fund, The Venture City, Mindset Ventures, G2, and several other existing backers.
Tether is the company behind USDt (USDT), which holds the position as the largest stablecoin globally, boasting a market capitalization of $184.4 billion as of the time this article was written, based on data from CoinMarketCap.