Kuwait-based fintech Kem raised $3 million from Tether, raising its total investment to $4.5 million.
Kem is a peer-to-peer (P2P) rapid payment network that was founded in 2021 by Seth Sadeq, Zane Chichua, and George Chichua. Instead of requiring users to create payment links or use traditional accounts, Kem allows users to send money to one another via a QR code.
Through their partnership, Kem and Tether hope to provide millions of people in the area with access to digitally native financial services.
This historic agreement, which unites Tether’s dedication to increasing access to digital finance systems with it’s standing as the leading provider of real-time payments in the Gulf, is expected to enhance the adoption of USD₯ throughout the region.
Through its strategic investment in a Kuwaiti payment service that is just getting started, Tether hopes to increase its market share in the Middle East.
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The investment is encouraging for Kuwait because it shows that the nation is moving in the right direction to attract foreign direct investment (FDI) and close the gap with its GCC neighbors, including Saudi Arabia and the United Arab Emirates.
“This collaboration with Tether is one of the most important deals in the crypto industry right now,” said Seth Sadeq, Kem’s CEO. “This will help bridge the access to decentralised financial services that will improve the lives of millions. Also, people from countries facing dire economic situations can mitigate the effect of hyperinflation and currency fluctuations back home.”
The partnership is being announced at a pivotal moment for Tether, as its 24-hour trading volume has eclipsed that of USDC, Ethereum, Bitcoin, and Solana. Tether revealed that their net profit for 2024 was $5.2 billion in just the first half.
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Tether’s exposure to Treasuries is also higher than that of many major countries, including Australia, Germany, and the United Arab Emirates.
About Kem
Kem is Kuwait’s and the GCC’s fastest-growing payments app. Get paid instantly, receive anywhere, spend anywhere.
