Oobit Secures $25M in Series A Led byTether and CMCC Globa

Oobit, a mobile crypto payment app, has closed a $25 million Series A funding round led by Tether, CMCC Global, Anatoly Yakovenko and 468 Capital.

Oobit, a mobile crypto payment app, has successfully closed its Series A funding round, raising $25 million. This significant financial injection is spearheaded by Tether, the world’s largest stablecoin issuer market capitalization, along with notable contributions from CMCC Global’s Titan Fund, 468 Capital and Solana co-founder Anatoly Yakovenko. This round of funding marks a pivotal moment in Oobit’s journey, pushing the total capital raised by the company to $33 million, taking into account the previous seed round of $8 million in December 2020.​​​​

Oobit aims to revolutionize the way crypto token holders engage in transactions, making it easy to make purchases at over 100 million retailers worldwide that accept Visa or Mastercard, effectively as if they were using cash. The app’s underlying technology ensures that merchants are paid in fiat currency, encouraging the adoption of crypto payments. Future updates are set to further streamline this process, ensuring even smoother transactions between cryptocurrencies and fiat currencies​​​​​​

This Series A funding underscores Tether’s commitment to advancing the widespread adoption of cryptocurrencies, in line with its vision for a financially inclusive world. Oobit, leveraging Tether’s investment, aims to remove barriers and enable seamless transactions for cryptocurrency holders worldwide, further supported by its functionality on both the Apple App Store and Google Play​​​​

Oobit’s innovative tap-to-pay feature, which facilitates contactless payments at any store that supports credit card systems with tap acceptors, illustrates the company’s commitment to integrating digital currencies into everyday transactions. This feature, along with the app’s compatibility with leading cryptocurrencies such as Bitcoin, Ethereum, XRP and of course Tether, positions Oobit at the forefront of bridging the gap between traditional financial systems and the burgeoning world of blockchain technology.

As Oobit continues to expand its global footprint, this funding round not only underscores the growing confidence in the potential of crypto payments, but also paves the way for further innovation in the seamless convergence of the digital and traditional financial landscapes.

Image source: Shutterstock

Leave a Comment