Oobit Secures $25 Million in Series A Funding Led by Tether for Crypto Payments Expansion

  • Oobit’s successful $25 million Series A funding, spearheaded by Tether’s investment arm, marks a significant development in the crypto payments space. 
  • The financial backing from CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko further amplifies Oobit’s position as a player at the forefront of crypto adoption in mainstream financial transactions.

Mobile payments platform Oobit has successfully raised $25 million in a Series A funding round, with Tether’s investment arm leading the initiative. The funding round also saw participation from CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, co-founder of Solana. This significant investment underscores Oobit’s commitment to advancing its crypto payment app and expanding its capabilities.

Expanding Crypto Payment Accessibility:

Oobit’s payment app allows consumers to seamlessly pay for purchases using cryptocurrencies, while merchants receive payments in fiat currency. The inclusion of a tap-and-pay feature enhances accessibility, enabling users to make crypto payments at any point of sale that accepts Visa or MasterCard. This strategic approach not only aligns with the growing trend of integrating cryptocurrencies into everyday transactions but also streamlines the user experience.

Transition to Non-Custodial Crypto Payments:

A notable aspect of Oobit’s future plans is its intention to open up its capabilities to third-party wallets. This move will transition Oobit into a non-custodial crypto payments app, offering users increased control and security over their digital assets. By allowing users to utilize third-party wallets, Oobit aims to provide a more decentralized and user-centric crypto payment experience.

Strategic Partnerships on the Horizon:

The Singapore-based company has teased upcoming partnerships in the pipeline, promising further developments in the coming months. As Oobit positions itself at the intersection of traditional finance and crypto, these partnerships are expected to contribute to the company’s goal of offering more efficient ways for consumers to use their crypto holdings for everyday transactions. This aligns with a broader industry trend of crypto firms collaborating with traditional financial entities to bridge the gap between crypto and conventional finance.

Oobit’s Vision and CEO’s Perspective:

Amram Adar, Oobit’s co-founder and CEO, expressed enthusiasm about the funding round, emphasizing its significance in propelling the company forward. Adar stated, “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.” This vision positions Oobit as a key player in driving the adoption of crypto payments in diverse settings.

Oobit Secures $25M Series A Funding to Revolutionize Crypto Payments

In securing a robust $25 million in Series A funding led by Tether, Oobit has set the stage for transformative advancements in the realm of crypto payments. The platform’s commitment to expanding accessibility through features like tap-and-pay, transitioning to non-custodial services, and fostering strategic partnerships underscores its dedication to simplifying digital asset transactions. As Oobit embarks on this pivotal journey with the backing of industry leaders, its vision of providing a seamless way to pay with digital assets gains momentum, signaling a promising future at the intersection of traditional finance and the crypto landscape.

 Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Mehar Nayar

Leave a Reply