by Fintech News Singapore
February 6, 2024
Crypto payment app Oobit has successfully completed its Series A funding, raising US$25 million from the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, the co-founder of Solana.
Oobit’s platform enables cryptocurrency holders to make payments at over 100 million retailers worldwide where Visa and Mastercard are accepted, similar to the functionality of Apple Pay.
The app simplifies cryptocurrency spending in traditional retail environments by converting crypto payments into fiat currency for the merchants in near-real-time.
Looking ahead, Oobit plans to extend its payment solution to support external third-party wallets, facilitating a seamless connection between Web 3.0 assets and everyday spending. This move is aimed at transitioning Oobit to a non-custodial crypto payments app, enhancing flexibility and accessibility for users.
The company’s expansion strategy includes entering new markets in Latin America, the United Arab Emirates, Asia-Pacific, Canada, and Australia, in addition to its established presence in the European Union and the United Kingdom.
Paolo Ardoino, CEO of Tether said,
“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem. Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale.
Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.״
Amram Adar Oobit’s Co-founder and CEO added,
“With the backing of industry leaders this funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere.
Enabling direct payments while ensuring that users retain control over their funds, aligning with Oobit’s belief and vision for a user-centric financial future.”
Featured image credit: Edited from Freepik