Georgian crypto startup CityPay.io raises over €2M from Tether and Presto Ventures
Georgian crypto-payment processing startup CityPay.io has secured over €2 million in a seed round led by Tether and Presto Ventures, AIN.Capital was told. The company will use the funds to make everyday cryptocurrency payments accessible for everyone.
- Founded in 2020 by Eralp Hatipoglu and Beka Kemertelidze, CityPay.io is the first-in-region cryptocurrency payment system that helps businesses receive payments in cryptocurrency and convert them into fiat. In doing so, CityPay.io creates a complete ecosystem of four different channels for businesses and individuals to pay in and receive cryptocurrency.
- Since the launch of its product at the start of 2021, CityPay.io has succeeded in acquiring more than 700 partner businesses including Radisson Hotels, Wendy’s Georgia, and Fresco supermarket chain. So far, the company operates in Georgia and has expanded across the CIS region and beyond.
“Over the last two years, CityPay.io has been developing the crypto market as a whole, in Georgia and beyond. In this time, we have significantly shaped the culture of crypto purchases for everyday products and services. We are honored to be supported by Presto Ventures and Tether as we continue to scale up, with our core mission in mind – to make everyone part of the crypto world,”Eralp Hatipoglu, Co-Founder & CEO, CityPay.io, comments.
- Tether is one of the backers of the company. It is an asset-backed cryptocurrency stablecoin, which entered the CIS market by investing in CityPay.io. Presto Ventures, a Prague-based investment company empowering talented startup founders from the wider CEE region, is the other lead investor.
“We trust this funding helps CityPay.io further strengthen their leading position in the region as they continue to expand the overall market adoption of cryptocurrencies and associated services to as many people as possible,”Roman Nováček, Partner, Presto Ventures, comments.
- The round also saw participation from unnamed international and Georgian angel investors. The amount of the funding also included a $500,000 investment in cryptocurrency.
- The funds will be used to expand into the CIS region and other markets, and the development of a B2C platform.