Tether and Gnosis co-led a seed round by Sorted Wallet, a non-custodial cryptocurrency wallet for mobile devices in emerging markets.
According to a recent report by The Block, the round was worth $4.4 million. Tether and Gnosis made a $3.4 million equity investment, and Movement, AngelInvestGroup and individual angel investors, including founders of RWA.io, also participated.
Launched in 2022, Sorted is 10 MB in size and is the lightest cryptocurrency wallet in app stores, making it suitable for low-spec mobile devices such as feature phones. It has logged 500,000 downloads and is growing quickly in Nigeria, Kenya, Tanzania, Bangladesh and Madagascar, The Block reported.
Sorted plans to use the funding to expand its market presence, focusing on sub-Saharan Africa and South Asia, and to strengthen integrations with mobile carriers. It will also launch a new payment feature in May.
Paolo Ardoino (파올로 아르도이노), Tether's CEO, said, "Sorted is a solution for everyone regardless of device, economic status or location." He added, "To achieve real financial inclusion, we must reach hundreds of millions who cannot afford smartphones or data plans."
Chi-gyu Hwang
delight@d-today.co.kr