Tether and Gnosis jointly led the seed round of Sorted Wallet, a non-custodial crypto wallet designed specifically for mobile devices in emerging markets.
According to the announcement, this funding round totals $4.4 million, including a $3.4 million equity financing led by Tether and Gnosis, with participation from individual angel investors such as Movement, Angel Invest Group, and the founder of RWA.io, alongside $1 million in strategic support from Vox Solutions.
Sorted was launched in 2022 and is the lightest cryptocurrency wallet in app stores, at just 10MB, making it an attractive solution for mobile devices with limited resources.
According to the announcement, the wallet has reached 500,000 downloads, with Nigeria, Kenya, Tanzania, Bangladesh, and Madagascar being its fastest-growing markets. Additionally, the wallet holds a notable market share in Central America, including Mexico.
With this additional funding, Sorted plans to expand its business footprint, particularly targeting sub-Saharan Africa and South Asia markets, and enhance integration with mobile operators. The announcement also stated that the team will launch a new payment mechanism in May.
In the press release, Tether CEO Paolo Ardoino noted that the company has made a "reinvestment" in Sorted Wallet, which provides solutions for everyone, regardless of their device, economic status, or location.
“For years, the use cases of digital assets have evolved from trading tools to real-world applications, promoting financial freedom and inclusive finance. However, to achieve true inclusive finance, we must reach hundreds of millions of people who cannot afford smartphones or data plans,” Aldoino said.
Tether's USDT is widely used outside the United States, particularly in emerging markets, as a low-fee trading option. Gnosis is a cryptocurrency research studio that has incubated projects such as... non-custodial secure wallets also pursue global adoption.
Daniele Pinna, investment partner at Gnosis, said: "Gnosis views Sorted as a critical distribution layer for bringing stablecoin-based payments into the real world, extending accessible financial infrastructure to users beyond the reach of traditional fintech."