Tether invests $20 million in Argentine digital bank Ualá to expand its presence in Latin America
ChainCatcher News, according to Bloomberg, Tether has invested 20 million US dollars in the Argentine digital bank Ualá as part of the 197 million US dollar financing round announced by Ualá in March. Ualá plans to use these funds to accelerate its expansion in Argentina, Mexico, and Colombia.
Ualá founder and CEO Pierpaolo Barbieri stated that due to regulatory environments in Argentina and Mexico, USDT stablecoin will not be integrated into the platform in the short term, and Tether is participating solely as a financial investor. Ualá has 11 million customers, and after this financing round, its valuation is 3.2 billion US dollars. The company plans to accelerate its expansion in Mexico.
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