NewsMV
Feature-Phone Rails: Sorted Wallet's South Asia Bet Backed by Tether and Gnosis A modest seed round closed this week is being read across the region as a signal of where the next phase of stablecoin adoption will be fought.
Sorted Wallet, a mobile crypto application engineered for low-end Android devices and feature phones, has pulled in 4.4 million dollars to push into South Africa and the South Asian belt running from Karachi to Dhaka.
Tether and Gnosis led the round, with Movement, Angel Invest and a handful of smaller backers joining in. For an Indian Ocean readership, the geography of the bet matters more than the cheque size.
Pakistan, Bangladesh, Sri Lanka and the Maldives all sit inside what the World Bank still classifies as the most expensive remittance corridor on the planet, with average send costs hovering above the six per cent mark.
Keep reading