Key Points
- Tether Operations Limited has entered into a Memorandum of Understanding (MOU) with RAK Digital Assets Oasis (RAK DAO).
- The partnership aims to boost the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), UAE.
Tether Operations Limited has announced that it has signed a Memorandum of Understanding (MOU) with RAK Digital Assets Oasis (RAK DAO).
The aim of this partnership is to enhance the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate in the United Arab Emirates.
Increasing Crypto Adoption in RAK
According to the announcement, Tether will work together with RAK DAO to encourage the use of crypto payments in the region and develop blockchain-focused educational initiatives.
RAK DAO is at the heart of the region’s efforts to push Web3 innovation and boost economic growth in the emirate.
RAK DAO is the world’s first and only common law Free Zone focused on crypto companies.
This collaboration places the firm at the forefront of the region’s attempts to drive Web3 innovation and stimulate economic growth within the emirate.
More than 100 businesses have shown interest in RAK DAO, and Tether’s collaboration will concentrate on developing comprehensive educational initiatives.
These programs aim to empower and educate local businesses, unlocking new opportunities for growth and innovation.
Furthermore, Tether, through its recently launched educational arm Tether Edu, will design educational programs suitable for individuals of various skill levels.
These programs will cover areas such as Bitcoin, stablecoin adoption, peer-to-peer technologies, blockchain, and real-world applications of crypto.
“Tether is proud to collaborate with RAK DAO to unlock the immense potential of Bitcoin and blockchain technology within the region,” says Tether’s CEO Paolo Ardoino.
“Ras Al Khaimah is in a prime position to become the region’s leading hub of blockchain technology and innovation, and Tether is committed to working with RAK DAO to make this dream a reality,” Ardoino added.
Overall, the partnership is a promising development for both Tether and RAK DAO.
By combining their expertise and resources, they aim to empower individuals and businesses in the region to utilize the power of blockchain technology.
Tether Expands Operations
The recent partnership comes shortly after Tether announced an expansion of its operations.
In March, the company introduced several new infrastructure solutions that cater to a more inclusive business.
The new divisions introduced by the firm include Tether Edu, Tether Data, Tether Power, and Tether Finance.
Tether CEO explained that the firm has successfully achieved the disruption of the traditional ecosystem through its USDT stablecoin.
Therefore, it is now focusing on further disruption of conventional systems to prompt fairness.
In a bold move, the company said it will soon complete its $500 million investment into Bitcoin mining.
Meanwhile, Tether has built several mining operations in nations with renewable energy stations.
Furthermore, Tether has revealed its collaboration with blockchain analytics startup Chainalysis.
The partnership was in response to growing criticism of Tether’s role in facilitating cross-border transactions, especially in countries subject to sanctions.
