Quick take:
- Oobit will use the funds to advance its crypto payments solution for the mass adoption of users.
- Oobit’s mobile payments app allows crypto holders to Tap and Pay at over 100 million retailers worldwide.
- The Series A round brings the total raised to $28 million after a $3 million seed round announced in December 2020.
Oobit has closed a $25 million Series A round led by Tether. The fundraising also attracted participation from CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana.
Oobit previously raised $3 million in a seed round announced in December 2020, which brings the total raised to date to $28 million.
Tether is the world’s largest cryptocurrency company with a market cap of over $96 billion. The company recently revealed record-breaking results with audited net profits of $2.85 billion in Q4 2023.
The company also revealed that it has been investing in bitcoin mining, AI infrastructure, and P2P telecommunications.
The company sees this investment as an important step in onboarding masses to the world of crypto.
“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem,” said Paolo Ardoino, CEO of Tether,
“Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Oobit’s mobile payments app allows crypto holders to Tap and Pay at over 100 million retailers worldwide, accepting Visa and Mastercard. The app can be seamlessly integrated with merchant websites, allowing them to effortlessly embrace crypto payments. Tether wrote in a press material shared with NFTgators.
Oobit is working on an update that will enable merchants to receive fiat currency, while crypto holders use cryptocurrencies for payment.
Users can download the Oobit app from the Apple App Store and Google Play. The app supports payments via Tether, Bitcoin, and other digital assets through a connection with Oobit’s native crypto wallet.
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