A New Cryptocurrency Startup Raises $25 Million in Seed A Funding Round
A cryptocurrency startup called Oobit has recently attracted $25 million from institutional investors in a successful ‘Seed A’ fundraising round. Tether, along with three other venture capitalists, led the round and supported the project. The funding round took place on February 5 and was the largest cryptocurrency fundraising event in February.
What is Oobit and How to Get Exposure to the Crypto Startup?
If you’re a smaller investor looking to get exposure to Oobit, you can do so through its token called OBT. This digital asset operates on Ethereum (ETH) and the BNB Chain (BNB), serving as a utility token for the centralized service. However, it’s important to note that holding OBT doesn’t grant any ownership or shareholding rights in Oobit.
Oobit is a crypto startup focused on payments, which caught the attention of institutional investors. It enables users to make payments using the top 10 cryptocurrencies at places that accept Visa and Mastercard. To facilitate this, users deposit their cryptocurrencies into Oobit’s custody, allowing for seamless “Tap & Pay” transactions similar to Apple Pay. The startup converts the cryptocurrency into fiat currency at its own exchange rate and delivers it to the merchant’s bank account.
Tether’s Strategic Investment in Oobit
Tether’s CEO, Paolo Ardoino, expressed their dedication to welcoming new users into the cryptocurrency ecosystem through their strategic investment in Oobit. They believe that Oobit can drive the widespread adoption of cryptocurrencies globally by breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.
Risks of Trusting a Third-Party Custodian
It’s crucial for cryptocurrency users to be aware of the risks associated with entrusting their assets to a third party like Oobit. While using this crypto startup service is similar to using a bank or payment processor, the fact that Oobit is a startup may carry higher risks. Users should exercise caution and conduct thorough research before engaging with such platforms.
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