<p>Oobit, the mobile crypto payment app based in Singapore, has <a href="https://tether.to/en/tether-leads-oobits-25m-series-a-funding-round-to-propel-crypto-adoption/" rel="noopener noreferrer nofollow">raised</a> $25 million in a series A funding round with the assistance of leading stablecoin issuer Tether.</p><h2 id="header-0">Funding global expansion</h2><p>The company aims to broaden its reach across Asia, the Middle East and Latin America, with a strategic focus on bringing its platform to more mainstream users. While the company’s primary markets currently lie within the European Union and the UK, Oobit will be targeting the Asia Pacific (APAC) region and specific jurisdictions such as the United Arab Emirates (UAE), Canada and Australia. This expansion aligns with the company’s goal of accelerating the development of a Web3 gateway.</p><p>The funding round was led by Tether alongside Anatoly Yakovenko, co-founder of Solana Labs. Additionally, Germany’s 468 Capital, a technology investment firm, and Hong Kong-headquartered CMCC Global joined as contributors. CMCC invested through its $100 million Titan Fund, which it <a href="https://coinnesslive.page.link/kT8sQweXHciANrKQ6" rel="noopener noreferrer nofollow">established</a> last year to support blockchain startups in the Asian region.</p><h2 id="header-1">Enabling users to spend crypto</h2><p>Oobit’s mobile payment app allows consumers to make purchases using cryptocurrencies, while merchants receive payments in fiat currency. The tap-and-pay feature enhances accessibility, enabling users to pay at any point of sale accepting Visa or MasterCard funds from their Oobit wallet. Furthermore, Oobit facilitates the direct purchase of bitcoin, ether and more than 35 other popular cryptocurrencies within its app.</p><p>Tether CEO Paolo Ardoino expressed support for Oobit’s development, emphasizing a shared vision for driving widespread cryptocurrency adoption globally. Oobit’s co-founder and CEO, Amram Adar, highlighted the funding round as a pivotal moment, propelling the company forward in its mission to offer a straightforward way to pay with digital assets worldwide.</p><h2 id="header-2">Introducing non-custodial payments</h2><p>The company plans to extend its capabilities to third-party wallets, transitioning into a non-custodial crypto payments app. This move will allow payments to and from external e-wallets, bridging the gap between Web3 and real-world spending.</p><p>A company spokeswoman <a href="https://www.coindesk.com/business/2024/02/05/crypto-payments-app-oobit-raises-25m-in-series-a-funding-round-led-by-tether/" rel="noopener noreferrer nofollow">stated</a> via email:</p><p>“We have several partnerships in the pipeline that will be announced in the coming months,” hinting at Oobit’s commitment to ongoing collaboration and expansion.</p><p>Oobit’s vision is to empower crypto holders to Tap &amp; Pay at over 100 million retailers globally, accepting Visa and MasterCard. Merchants can seamlessly embrace digital assets as a form of payment, and customers can conveniently use their digital assets for transactions. Future updates to Oobit will enable customers to make crypto payments, ensuring merchants receive fiat currency in return, mirroring the simplicity of credit card transactions.</p><p>The native cryptocurrency of Oobit is the OBT token through which the platform rewards its growing community and ecosystem. The token is used for transaction fees and payments. The OBT token is currently trading at $0.0992, according to CoinMarketCap data.</p><p>With the backing of industry leaders and a user-centric focus, Oobit is attempting to position itself to make significant strides in its mission to facilitate frictionless transactions and promote the adoption of cryptocurrencies on a global scale.</p>

Tether leads the way in Oobit’s $25M funding round

Table of Contents

CoinNess Global

Other articles published on Feb 7, 2024

XRP Buy Signal Goes Off, Analyst Says This Is How Long Uptrend Will Last

Are AI Companies the Casualties of National Security Reevaluation?

Top Crypto Gainers Today Feb 7 – WOO, Synthetix, TRON, Conflux

Ethereum’s EigenLayer emerges as DeFi powerhouse with $1 billion TVL boost

Crypto investors realize average gains of $887.60 in 2023

Argentina to Boost Bitcoin Price: New Community-Driven Meme Coin Emerges as the Next Big Contender

Join our free newsletter for daily crypto updates!