Oobit, a mobile cryptocurrency payment app, has closed a $25 million Series A funding round led by Tether, CMCC Global, Anatoly Yakovenko, and 468 Capital.
Oobit, a mobile cryptocurrency payment app, successfully closed its Series A funding round, raising $25 million. This massive injection of funds is being led by Tether, the world’s largest stablecoin issuer. market capitalization, 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, bringing the total capital raised by the company to $33 million, considering its previous $8 million seed round in December 2020.
Oobit aims to transform the way crypto token holders engage in transactions, facilitating purchases at over 100 million retailers worldwide that accept Visa or Mastercard, effectively as if they were using cash. The underlying technology of the app promotes the adoption of cryptocurrency payments by ensuring merchants can receive payments in fiat currency. In future updates, we plan to further streamline this process, making trading between crypto and fiat even more seamless.
This Series A funding underscores Tether’s commitment to fostering widespread adoption of cryptocurrencies in line with its vision for a financially inclusive world. Leveraging Tether’s investment, Oobit strives to break down barriers and enable seamless transactions for cryptocurrency holders around the world, and is further supported by its capabilities on both the Apple App Store and Google Play.
Oobit’s innovative “Tap Pay” feature, which enables contactless payments at any store that supports a credit card system with a tap receiver, exemplifies the company’s commitment to integrating digital currency into everyday transactions. This feature, along with app compatibility with major cryptocurrencies such as Bitcoin, Ethereum, XRP, and 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 presence, this funding round not only highlights the growing confidence in the potential of cryptocurrency payments, but also paves the way for further innovation in the seamless convergence of digital and traditional financial environments.
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