Oobit’s Mission to Simplify Crypto Payments
Oobit, a company dedicated to making crypto payments easier, has secured a $25 million Series A funding round led by Tether. This investment is a significant step towards integrating cryptocurrencies into everyday transactions, allowing crypto holders to use their digital assets at over 100 million retailers worldwide. Other notable investors in the funding round include CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, the co-founder of Solana.
Oobit’s Innovative Mobile Payments App
Oobit is known for its mobile payments app that bridges the gap between cryptocurrency and traditional commerce. The app enables users to make payments using cryptocurrencies at any retailer accepting Visa and Mastercard. This expands the usability of cryptocurrencies and makes them a more practical option for everyday transactions. Prior to this funding round, Oobit had raised $3 million in a seed round, bringing its total raised funds to $28 million.
Tether’s Commitment to Crypto Adoption
Tether’s investment in Oobit demonstrates its dedication to promoting the adoption of cryptocurrency on a global scale. Paolo Ardoino, CEO of Tether, sees this investment as a crucial part of the company’s strategy to onboard new users into the cryptocurrency ecosystem. With a market cap exceeding $96 billion, Tether has reported record-breaking profits and is actively investing in ventures aligned with its vision for the crypto industry.
Improving Accessibility of Crypto Payments
Oobit is planning an update to its platform that will enhance the flexibility of crypto payments. This upcoming feature will allow merchants to receive fiat currency instantly while customers pay with their preferred cryptocurrencies. This conversion process aims to reduce volatility risks for merchants and could lead to wider acceptance of cryptocurrencies as a standard payment method. The Oobit app, available on the Apple App Store and Google Play, supports payments in Tether, Bitcoin, and other digital assets through its native crypto wallet.
Hot Take: Tether’s Investment Paves the Way for Mainstream Crypto Adoption
Tether’s $25 million investment in Oobit marks a significant milestone in the integration of cryptocurrencies into everyday transactions. With Oobit’s innovative mobile payments app and upcoming features, crypto holders will have more opportunities to use their digital assets at millions of retailers worldwide. This investment underscores Tether’s commitment to fostering global crypto adoption and attracting new users to the cryptocurrency ecosystem. By simplifying crypto payments and reducing volatility risks for merchants, Oobit is driving the wider acceptance of cryptocurrencies as a standard payment method. This partnership between Tether and Oobit is a key step towards realizing a future where digital and traditional finance converge.
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