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In a significant move that underscores the growing integration of cryptocurrency into mainstream financial transactions, Oobit, a Singapore-based mobile payment application, has announced the successful closure of its $25 million Series A funding round.
Leading the charge in this funding round was the investment arm of USDT parent company Tether, alongside notable participants such as CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko, according to an announcement by Oobit this week.
Oobit’s platform offers a seamless transaction experience for users looking to spend their digital assets with the tap of a phone at over 100 million retailers worldwide, wherever Visa and Mastercard are accepted. Oobit’s approach ensures that while consumers pay with their cryptocurrencies, merchants receive fiat currency, akin to traditional credit card transactions.
Amram Adar, co-founder and CEO of Oobit, expressed his enthusiasm for the future, “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."
Eliminating friction points
Since its inception in 2017, Oobit has focused on eliminating the friction points for merchants in accepting digital currencies. This has allowed the platform to open up new digital asset verticals, transforming everything from in-game points to Web3 wallet connections into viable payment options.
Paolo Ardoino, Tether’s CEO, commented on the investment, stating, "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."
Looking ahead, Oobit plans to expand its capabilities to include any external third-party wallets, transitioning into a non-custodial crypto payments app, the company said.
Oobit said it hopes to expand into key regions including Latin America, the United Arab Emirates, Asia-Pacific, Canada, and Australia, in a move to broaden its market reach beyond its primary bases in the European Union and the United Kingdom.