- Tether, one of the largest stablecoin issuers in the crypto industry, has invested strategically in Oobit, a mobile payment application, raising $25 million in a Series A funding round.
- Oobit aims to simplify crypto payments with its mobile app, which features a tap-to-pay function.
- The Oobit app, available on the Apple App Store and Google Play, can be connected with Oobit’s native blockchain wallet to enable payments via Tether, Bitcoin, and other digital assets.
Tether, one of the largest stablecoin companies in the sector, has announced a strategic investment in Oobit, a mobile payment application. The Series A funding round concluded with $25 million raised, earmarked for Oobit’s ongoing development.
Oobit, launched in June 2017, aims to simplify crypto payments. Its mobile app features a tap-to-pay function, enabling users to pay with funds from their digital wallets at stores accepting Visa or MasterCard. This integration gives merchants the ability to accept digital assets as a mode of payment seamlessly.
It offers customers an easy and efficient method to utilize their digital assets for transactions. The investment aligns with Tether’s vision of a financially inclusive world.
“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem,” stated Tether’s CEO, Paolo Ardoino.
“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.”
Tether Leads Series A Funding for Crypto Payment App Oobit
The funding round saw significant participation from pivotal industry leaders and strategic investors, including CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana. This collaboration underscores the growing interest and investment in the crypto payments realm.
Upcoming upgrades to Oobit are set to facilitate cryptocurrency transactions for customers, akin to the ease of credit card payments. These improvements will ensure that merchants receive an equivalent amount in fiat currency, despite the customer’s use of cryptocurrency. This progression is anticipated to boost the use of cryptocurrencies in routine transactions significantly.
The Oobit app, available on the Apple App Store and Google Play, can be connected with Oobit’s native blockchain wallet to enable payments via Tether, Bitcoin, and other digital assets. This strategic investment by Tether marks a significant step towards making cryptocurrency a mainstream form of payment.