Tether Invests $20 Million in Argentine Neobank Ualá
Tether invested $20 million in Argentine neobank Ualá as part of a $197 million equity round led by Allianz X, Ualá disclosed in March.
Tether invested $20 million in Argentine neobank Ualá as part of a $197 million equity funding round led by Allianz X that Ualá disclosed in March. Ualá named Tether as a participant in the round but did not specify the contribution of individual investors. Tether did not respond to requests for comment.
Ualá provides mobile banking and payment services to consumers in Argentina and other countries in the region. The company described the $197 million raise as capital to expand product offerings and scale operations across the region.
The $20 million investment follows other recent Tether commitments in Latin America. In July, Tether invested $20 million in Brazil’s crypto exchange Mercado Bitcoin to support expansion of onchain infrastructure across the region. In April, Tether led a $14 million Series A for Argentine crypto platform Belo, with participation from Titan Fund, The Venture City, Mindset Ventures and G2.
Tether issues USDt (USDT), the largest stablecoin by market capitalization, about $184.4 billion. Neither Ualá nor Tether provided additional public details about the size or terms of the Ualá investment beyond Ualá’s disclosure of Tether as a participant.
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