Sorted Wallet secures $4.4m to expand entry-level phone stablecoin access
Sorted Wallet, a stablecoin wallet built for feature phones and low-end smartphones in Africa and South Asia, has raised $4.4 million.
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Sorted Wallet, a stablecoin wallet built for feature phones and low-end smartphones in Africa and South Asia, has raised $4.4 million in a seed round led by Tether and Gnosis. Movement, Angel Invest, and other angel investors also participated in the round.
Sorted says its platform has been downloaded more than 500,000 times across 160 countries, including Nigeria, Kenya, Tanzania, Bangladesh, and beyond.
“Our users are in Kenya sending money home to a family member without a bank account. They are in Nigeria holding USDT because the naira keeps losing value. They are in Tanzania paying a supplier in a currency that does not require a three-day wait. They are doing this on phones the rest of the industry has never once considered building for,” reads a statement from the startup.
“Three years ago we built a wallet for a $20 phone. Nobody else thought it was worth building for. 500,000 downloads later, we know better. This round is how we find the next 100 million,” commented Stephen Browne, CEO of Sorted.
“Over the years, digital asset use cases have evolved from trading tools to real-life applications, promoting financial freedom and inclusion. However, to achieve true inclusion, we must reach hundreds of millions of people who cannot afford smartphones or data plans,” said Paolo Ardoino, CEO of Tether. “That’s why we have reinvested in Sorted Wallet, ensuring that everyone, regardless of device, economic status, or location, can participate freely in the global economy using the systems and devices they are most familiar with.”
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