Singapore’s Oobit gets $25 million funding from investors, including crypto firm Tether -February 05, 2024 at 09:05 am EST

SINGAPORE (Reuters) – Singapore’s mobile payment app firm Oobit said on Monday it had raised $25 million in a funding round amid expansion plans as it pushes to advance the adoption of cryptocurrencies as a means of payment.

Investors in the Series A funding round included the investment arm of crypto firm Tether, Hong Kong-based venture capital firm CMCC Global’s Titan Fund, technology investment firm 468 Capital and the co-founder of U.S technology company Solana, Anatoly Yakovenko, Oobit said in a statement.

Tether CEO Paolo Ardoino said in the statement that the investment in Oobit “underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem”.

Oobit said it has planned to expand into regions including Asia Pacific, United Arab Emirates, Canada and Australia beyond its primary markets of the European Union and UK, adding it would use the funds to focus on integrating external wallets and accelerating the development of a Web3 gateway.

Web3 refers to a version of the internet that is decentralized and operates on blockchain technology.

Founded in 2017, Oobit’s app allows crypto holders to tap and pay at more than 100 million retailers globally where Visa and Mastercard are accepted, while merchants receive fiat currency, according to the company.

(Reporting by Yantoultra Ngui; Editing by Himani Sarkar)