Oobit Raises $25 Million in Series A Funding Led by Tether
Oobit, a mobile payment startup, has secured $25 million in its Series A funding round, with Tether being the lead investor. The round also attracted investment from other notable entities. Oobit plans to use the capital to further develop its tap-and-pay crypto service and promote widespread adoption of cryptocurrencies.
Tether Sees Synergy with Oobit’s Initiatives
Tether expressed its support for Oobit, stating that it shares a mutual vision of driving global cryptocurrency adoption. Paolo Ardoino, the CEO of Tether, believes that Oobit can break down barriers and facilitate frictionless transactions for crypto holders worldwide.
About Oobit’s Mobile Payments App
Oobit’s mobile payments app allows users to make crypto payments at supported Visa or Mastercard point-of-sale (PoS) locations. This feature enables simple and secure in-store and worldwide payments for crypto holders. Oobit was founded in 2017 and recently added John Linden, the founder of Mythical Games, to its advisory board.
Tether’s Recent Investments
Tether has been actively investing in various sectors, including technology, AI, and bitcoin mining. It has contributed to initiatives with the Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io. Tether has led eight out of nine investment initiatives since 2020.
Oobit’s Funding and Paypal’s Similar Strategy
With the Series A funding, Oobit’s total funding now stands at $28 million. This follows a similar strategy employed by Paypal, which backed digital finance innovator Mesh with an undisclosed amount of PYUSD capital. Mesh had previously raised $22 million in funding.
Hot Take: Tether’s Investment Fuels Oobit’s Crypto Adoption Push
The $25 million raised in Oobit’s Series A funding, led by Tether, provides a significant boost to the mobile payment startup’s goal of fostering widespread crypto adoption. With its tap-and-pay service and support from notable entities, Oobit has the potential to break down barriers and enable frictionless crypto transactions for users worldwide. Tether’s investments across various sectors demonstrate its commitment to driving the adoption and integration of cryptocurrencies in different industries. This collaboration between Oobit and Tether highlights the growing importance of mobile payments and the increasing acceptance of cryptocurrencies in the global market.
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