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Home»ADOPTION NEWS»Tether and Solana’s Yakovenko secures $25 million investment in cryptocurrency payment company Oobit
ADOPTION NEWS

Tether and Solana’s Yakovenko secures $25 million investment in cryptocurrency payment company Oobit

By Crypto FlexsFebruary 5, 20243 Mins Read
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Tether and Solana’s Yakovenko secures  million investment in cryptocurrency payment company Oobit
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Technology • February 5, 2024, 10:48 AM EST

Posted 1 minute ago In ~

Crypto mobile payments company Oobit has secured $25 million in Series A funding in a round led by Tether, Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital, the company said in a statement.

Founded in 2017, Oobit seeks to eliminate “merchant friction” and provide functionality similar to Apple Pay, allowing consumers to utilize the app to pay for goods and services with cryptocurrency.

“Tether’s strategic investment in Orbit highlights our unwavering commitment to welcoming new users to the cryptocurrency ecosystem,” Tether CEO Paolo Ardoino said in a statement. “From our perspective, Oobit acts as a catalyst to break down barriers and facilitate seamless transactions for cryptocurrency holders around the world.”

Like Oobit, traditional fintechs including PayPal and Nubank have been working to make the process of buying, selling and spending cryptocurrency more seamless. Payments giant Visa recently partnered with web3 company Transak to make it easier for people to spend or withdraw cryptocurrency using their debit cards.

Switch to a ‘non-custodial’ payment app

Oobit already allows consumers to use “cryptocurrencies in a traditional commerce environment,” but the company hopes to expand its capabilities and allow external third-party wallets. “This will transform Oobit into a non-custodial cryptocurrency payment app,” the company said.

“Our investment in Oobit’s Series A funding round highlights our commitment to fostering innovation that bridges the realms of blockchain systems and traditional financial systems,” said Martin Baumann, co-founder and managing partner of CMCC Global. He said.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.

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