Ethereum

Oobit

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<div class="finbold">
 <p class="paragraph">A new cryptocurrency startup has surged, already attracting $25 million from institutional capital in a ‘Seed A’ fundraising round. Tether led the round as a tier 2 investor and sided with three other venture capitalists (VCs) supporting the project.</p>
 <p class="paragraph">On February 5, Oobit (OBT) did its Seed A funding round that raised $25 million, according to data from <em>CryptoRank</em>. It was the largest cryptocurrency fundraising in February, which drew attention to the event.</p>
 <p class="paragraph">Notably, Tether appeared as the tier 2 <a rel="noopener noreferrer nofollow" title="investor" href="https://thebittimes.com/tag/investor.html">investor</a> for this round. Followed by tier 4 CMCC Global, tier 5 468 Capital, and the angel <a rel="noopener noreferrer nofollow" title="investor" href="https://thebittimes.com/tag/investor.html">investor</a> Anatoly Yanovenko. Together, they are the four Series-A <a rel="noopener noreferrer nofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> <a rel="noopener noreferrer nofollow" title="deploying" href="https://thebittimes.com/tag/deploying.html">deploying</a> $25 million to Oobit.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="352" src="https://cdn.thebittimes.com/images/2024/02/10/7dd310857d31d305ca6759eca408e184.webp" alt class="wp-image-154323" srcset="https://cdn.thebittimes.com/images/2024/02/10/7dd310857d31d305ca6759eca408e184.webp 1024w, https://cdn.thebittimes.com/images/2024/02/10/7dd310857d31d305ca6759eca408e184.webp 300w, https://cdn.thebittimes.com/images/2024/02/10/7dd310857d31d305ca6759eca408e184.webp 768w, https://cdn.thebittimes.com/images/2024/02/10/7dd310857d31d305ca6759eca408e184.webp 1304w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Oobit funding insights: Funding rounds – Seed A. Source: <em>CryptoRank</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-what-is-oobit-and-how-to-get-exposure-to-the-crypto-startup">What is Oobit, and how to get exposure to the crypto startup?</h2>
 <p class="paragraph">Smaller <a rel="noopener noreferrer nofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> who want exposure to the <a rel="noopener noreferrer nofollow" title="startup" href="https://thebittimes.com/tag/startup.html">startup</a> can do that through its token OBT. The digital asset runs on Ethereum (ETH) and the BNB Chain (BNB), considered a utility token for the centralized service.</p>
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 <p class="paragraph">However, holding OBT gives no ownership or shareholding rights to Oobit, as would happen with a decentralized project or stocks. The token is simply an internal currency that will perform specific functions in the platform, like cashback rewards.</p>
 <p class="paragraph">Interestingly, Oobit earned the attention of these institutional investors as a crypto startup focused on payments. With Oobit, people can use the top 10 cryptocurrencies for payments in places that accept Visa and Mastercard.</p>
 <p class="paragraph">Users deposit these cryptocurrencies to the startup custody, allowing for frictionless ‘Tap &amp; Pay.’ The team promises an experience similar to the Apple Pay feature by Apple Inc. (NASDAQ: AAPL).</p>
 <p class="paragraph">Additionally, Oobit immediately converts the cryptocurrency to fiat in its own centralized exchange rate, delivering the merchant’s local currency to their bank account.</p>
 <p class="paragraph">Paolo Ardoino, CEO of Tether, commented on the company’s investment:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“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.”</p> <cite>– Paolo Ardoino</cite>
 </blockquote>
 <p class="paragraph">In closing, cryptocurrency users must understand the risks of trusting the custody of their assets to a third party. Using this crypto startup service is no different than using a bank or other payment processors, although the startup nature of Oobit could bring higher risks.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your <a rel="noopener noreferrer nofollow" title="capital" href="https://thebittimes.com/tag/capital.html">capital</a> is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/institutional-investors-are-actively-deploying-capital-to-this-crypto-startup-tbt79482.html">https://thebittimes.com/institutional-investors-are-actively-deploying-capital-to-this-crypto-startup-tbt79482.html</a></p>

Institutional investors are actively deploying capital to this crypto startup

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