Tether invests $20M into Argentine neobank Ualá

Stablecoin giant Tether reportedly invested $20 million in the Argentine neobank Ualá, as part of its broader push in Latin America.

The investment formed part of a $197 million equity funding round announced by Ualá in March and led by Allianz X, according to Bloomberg. Ualá disclosed Tether as a participant in the round at the time but did not reveal the size of its investment.

Cointelegraph contacted Tether for confirmation but had not received a response by publication.

Earlier in July, Tether announced a $20 million investment in Brazilian crypto exchange Mercado Bitcoin to support the expansion of its onchain infrastructure across Latin America.

In April, Tether led a $14 million Series A funding round for the Argentine crypto platform Belo, with participation from Titan Fund, The Venture City, Mindset Ventures, G2 and other existing investors.

Tether issues USDt (USDT), the world’s largest stablecoin, which had a market capitalization of $184.4 billion at the time of writing, according to CoinMarketCap.

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