In a significant leap towards mainstream cryptocurrency adoption, Oobit has successfully clinched US$25 million in its Series A funding round. The investment, led by the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, the co-founder of Solana, marks a pivotal moment in Oobit's journey. The crypto payment app is swiftly carving its niche by enabling cryptocurrency holders to transact with over 100 million retailers globally, akin to the widespread functionality of Apple Pay.
Oobit's Platform and Functionality
Oobit is transforming the way cryptocurrency is spent in everyday scenarios. By facilitating payments at any retailer accepting Visa and Mastercard, the platform essentially brings cryptocurrency into the daily lives of millions. It stands out by simplifying the often complex landscape of crypto payments, converting digital assets into fiat currency for merchants in near-real-time. This seamless integration ensures that while consumers enjoy the benefits of digital currencies, merchants receive payments in a familiar, stable form.
Oobit's Future Plans and Expansion
Looking ahead, Oobit is not just resting on its laurels. The company is ambitiously planning to extend its payment solutions to support external third-party wallets. This significant step towards becoming a non-custodial crypto payments app represents a leap forward in connecting Web 3.0 assets with everyday spending. The move is poised to bolster user flexibility and accessibility, aligning perfectly with the modern consumer's demand for seamless digital experiences. Furthermore, Oobit's strategic expansion into burgeoning markets such as Latin America, the UAE, Asia-Pacific, Canada, and Australia, alongside its established foothold in the European Union and the United Kingdom, signifies a bold stride in its global outreach efforts.
Tether’s Comments from Industry Leaders
The investment has garnered attention and commendation from industry heavyweights. Paolo Ardoino, CEO of Tether, emphasized the strategic nature of the investment, stating, "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." Similarly, Amram Adar, Oobit’s Co-founder and CEO, reflected on the milestone, noting, "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. Enabling direct payments while ensuring that users retain control over their funds aligns with Oobit’s belief and vision for a user-centric financial future."
The successful Series A funding of Oobit is more than just a financial boost; it's a testament to the growing acceptance and integration of cryptocurrencies in everyday transactions. As Oobit embarks on its ambitious plans for expansion and innovation, the horizon for cryptocurrency payments looks not just promising but revolutionary. The investment and the ensuing developments not only fortify Oobit's position in the market but also pave the way for a more inclusive, user-centric financial ecosystem.
Alex
Zoey
Bitcoinist
Cointelegraph