Oobit Secures $25M in Series A Led byTether and CMCC Globa - Blockchain.News

Oobit Secures $25M in Series A Led byTether and CMCC Globa

Zach Anderson Feb 07, 2024 06:10

Oobit, a mobile crypto payments app, has closed a $25 million Series A funding round, led by Tether, CMCC Global, Anatoly Yakovenko, and 468 Capital.

Oobit Secures $25M in Series A Led byTether and CMCC Globa

Oobit, a mobile crypto payments app, has successfully closed its Series A funding round, amassing $25 million. This significant financial injection is spearheaded by Tether, the world's largest stablecoin issuer by market cap, alongside notable contributions from CMCC Global's Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. This round of funding marks a pivotal moment in Oobit's journey, pushing the total capital raised by the company to $33 million, when considering its previous $8 million seed round in December 2020​​​​​​.

Oobit aims to revolutionize the way crypto token holders engage in transactions, facilitating purchases at over 100 million retailers worldwide that accept Visa or Mastercard, effectively as if using cash. The app's underlying technology ensures merchants are paid in fiat currency, fostering the adoption of crypto payments. Future updates are poised to further streamline this process, ensuring even smoother transactions between cryptocurrencies and fiat currencies​​​​​​.

This Series A funding underscores Tether's commitment to advancing the widespread adoption of cryptocurrencies, aligning with its vision of a financially inclusive world. Oobit, leveraging Tether's investment, strives to dismantle barriers and enable frictionless transactions for crypto holders globally, further supported by its functionality across both the Apple App Store and Google Play​​​​.

Oobit's innovative "tap-to-pay" feature, which facilitates contactless payments at any store supporting credit card systems with tap receivers, exemplifies the company's commitment to integrating digital currencies into everyday transactions. This feature, alongside the app's compatibility with leading cryptocurrencies such as Bitcoin, Ethereum, XRP, and naturally Tether, positions Oobit at the forefront of bridging the gap between traditional financial systems and the burgeoning world of blockchain technology​​.

As Oobit continues to expand its global footprint, this funding round not only highlights the growing confidence in crypto payments' potential but also paves the way for further innovation in the seamless convergence of digital and traditional financial landscapes.

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