Oobit Secures $25 Million Series A Funding Led by Tether for Global Crypto Payments Expansion
Singapore-based mobile payment application Oobit has successfully raised $25 million in a Series A funding round led by Tether, with participation from influential investors such as Solana co-founder Anatoly Yakovenko, CMCC Global’s Titan Fund, and 468 Capital. This substantial investment is earmarked for advancing Oobit’s mission of expanding crypto payments accessibility globally, particularly across Asia Pacific, Latin America, and the United Arab Emirates.
Oobit’s unique offering revolves around a mobile app that empowers users to make crypto payments at over 100 million merchants worldwide, mirroring the simplicity of traditional contactless transactions with Visa and Mastercard. The tap-and-pay feature allows users to seamlessly transact with their digital assets, presenting an innovative way to incorporate cryptocurrencies into everyday transactions.
The Series A funding round was strategically led by Tether, emphasizing a shared vision for driving widespread cryptocurrency adoption on a global scale. Paolo Ardoino, CEO of Tether, emphasized the significance of Oobit as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide. Notable contributors also included CMCC Global’s Titan Fund, Solana co-founder Anatoly Yakovenko, and 468 Capital, demonstrating a collective commitment to Oobit’s vision.
Oobit’s strategic roadmap includes expanding its capabilities to allow payments to and from external e-wallets, both crypto and non-crypto. This evolution is set to transition Oobit into a non-custodial crypto payments app, reflecting a commitment to user-centric financial solutions. Additionally, users can purchase various cryptocurrencies, including Bitcoin and Ethereum, directly through the app.
Oobit’s funding success aligns with broader industry trends, where fintech firms, including traditional giants like PayPal and Visa, are actively working to streamline the process of buying, selling, and spending cryptocurrencies. This aligns with the overall mission of fostering innovation that bridges the realms of blockchain systems and traditional financial systems.
Oobit’s co-founder and CEO, Amram Adar, expressed excitement about the funding round and hinted at several upcoming partnerships in the pipeline. This strategic approach underscores Oobit’s commitment not only to current developments but also to actively shaping future collaborations that could redefine the landscape of crypto payments.
