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.
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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.