Tether Backs Oobit’s Ambitious $25M Series A Funding Round to Advance Crypto Adoption

Admin . 05th Feb 2024

• Tether has announced its substantial investment in Oobit, a burgeoning mobile payment application.
• The culmination of Oobit’s Series A funding round has seen an impressive $25 million infusion.
• Oobit’s mobile payment app stands out for its innovative feature set, empowering crypto enthusiasts to seamlessly Tap & Pay at a vast network.

In a significant move toward fostering mainstream adoption of cryptocurrencies, Tether, a leading entity in the crypto sphere, has announced its substantial investment in Oobit, a burgeoning mobile payment application. The culmination of Oobit’s Series A funding round has seen an impressive $25 million infusion, aimed at propelling the platform’s evolution and bolstering its mission of facilitating widespread crypto utilization.

Oobit’s mobile payment app stands out for its innovative feature set, empowering crypto enthusiasts to seamlessly Tap & Pay at a vast network of over 100 million retail outlets globally, with Visa and Mastercard acceptance. This integration not only simplifies transactions for consumers but also streamlines the adoption process for merchants, offering them a convenient pathway to embrace digital assets as a legitimate form of payment. Further enhancing user experience, upcoming updates to the Oobit platform will facilitate crypto payments while ensuring that merchants effortlessly receive fiat currency in return, akin to the simplicity of credit card transactions.

Led by Tether’s investment arm, the Series A funding round garnered substantial support from key industry stakeholders and strategic investors, including CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana.

Paolo Ardoino, CEO of Tether, emphasized the strategic importance of their investment in Oobit, citing a shared commitment to fostering the widespread adoption of cryptocurrencies on a global scale. He underscored Oobit’s role as a pivotal catalyst in breaking down barriers and enabling frictionless transactions for crypto holders worldwide.

The Oobit mobile app, available on both the Apple App Store and Google Play, seamlessly integrates with Oobit’s native blockchain wallet, enabling users to conduct transactions using Tether, Bitcoin, and other digital assets.

The collaboration between Tether and Oobit marks a significant milestone in the journey towards mainstream crypto adoption, as both entities work in tandem to realize their shared vision of a more inclusive and accessible financial landscape. With substantial funding and robust industry support behind it, Oobit is poised to play a pivotal role in shaping the future of digital finance.