Oobit, a mobile payment app, is set to streamline transactions involving Tether's USDT and Tether Gold (XAUt) on The Open Network (TON).
Oobit, a mobile payment app, is set to streamline transactions involving Tether's USDT and Tether Gold (XAUt) on The Open Network (TON), providing merchants with a more convenient user experience. TON, which launched USDT and XAUt in April, has seen over $200 million in USDT issued on its platform. Notably, users can now send USDT through Telegram messages, leveraging the app's massive user base of over 900 million worldwide.
Oobit has been making strides in the crypto-to-fiat mobile app space since its launch in April 2022. Its Tap & Pay feature, utilizing Near Field Communication (NFC) technology, was introduced in September 2023. Additionally, Oobit integrated VeChain's VET coin in March, further expanding its offerings.
Tether's involvement with Oobit goes beyond this partnership. In February, Tether participated in Oobit's Series A funding round, raising $25 million alongside Solana. Oobit CEO Amram Adar highlighted the inclusive nature of the collaboration, emphasizing that it aims to provide unbanked individuals with access to prominent cryptocurrencies and enable worldwide payments through Oobit's platform.
USDT is not limited to TON alone, as it is also issued on 14 other blockchains, including Ethereum. Tether's collaboration with Oobit introduces the Tap & Pay technology, enabling merchants to receive payments in fiat currency even when customers pay with USDT. In May, Tether further expanded its investment endeavors by increasing its stake in CityPay.io, a payment provider based in Georgia. CityPay.io has plans to expand its services to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan, with Tether initially investing in the company in May 2023.
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