5 February, 2024 – Tether, the largest company in the cryptocurrency industry, has announced its investment in Oobit, a mobile payment application. The Series A funding round has concluded with $25 million raised for Oobit's ongoing development, supporting its goal of mainstream cryptocurrency adoption. This aligns with Tether's vision of a financially inclusive world.
Oobit's mobile payment app empowers crypto holders to Tap & Pay at over 100 million retailers worldwide, accepting Visa and Mastercard. This seamless integration allows merchants to effortlessly embrace digital assets as a form of payment, providing customers with a convenient way to use their digital assets for transactions. In the pipeline, future updates to Oobit will enable customers to make crypto payments while ensuring that merchants seamlessly receive fiat currency in return, mirroring the simplicity of customers paying with a credit card.
The Series A funding round, led by Tether's investment arm, saw significant participation from pivotal industry leaders and strategic investors. Notable contributors include CMCC Global's Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana.
“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.”
The Oobit app is available on the Apple App Store and Google Play and can be connected with Oobit’s native blockchain wallet to enable payments via Tether, Bitcoin, and other digital assets.
To learn more, visit https://tether.to.
Driving the Future of Money
Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.