Oobit, a pioneering mobile payments application, has successfully secured $25 million in a Series A funding round, marking a significant milestone in the company’s journey to integrate cryptocurrency with everyday transactions.
The funding round, led by Tether’s investment arm, along with notable contributions from industry heavyweights including CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, co-founder of Solana, underscores the growing confidence and interest in the potential of crypto payments.
Bridging crypto and traditional finance
Based in Singapore, Oobit is at the forefront of redefining how consumers interact with cryptocurrencies for daily transactions. The Oobit app allows users to effortlessly pay for their purchases using crypto, while merchants receive the equivalent amount in fiat currency. The innovative approach addresses a significant barrier in the cryptocurrency space – the ease of use in everyday transactions. The app’s tap-and-pay feature leverages the widespread acceptance of Visa and MasterCard, enabling users to make payments at any point of sale using funds from their Oobit wallet.
The recent funding round is not just a financial boost but also a strong vote of confidence from some of the most influential names in the crypto and financial sectors. The participation of Tether’s investment arm and figures like Anatoly Yakovenko highlights the industry’s recognition of Oobit’s potential to bridge the gap between crypto and traditional finance (TradFi).
Expanding capabilities and forging strategic partnerships
Oobit’s vision extends beyond the current offerings. The firm is strategically planning to evolve into a non-custodial crypto payments app by opening up its payment capabilities to third-party wallets. This move is expected to enhance the flexibility and security of the platform, catering to a broader user base and setting new standards in the crypto payments domain.
The company’s spokeswoman revealed that several strategic partnerships are in the pipeline, poised to be announced in the coming months. These partnerships are anticipated to further strengthen Oobit’s market position and enhance its service offerings, reinforcing its commitment to making crypto payments as seamless and accessible as traditional payment methods.
An important moment for Oobit
The successful funding round comes at a time when the crypto industry is increasingly collaborating with traditional finance companies to offer more efficient and user-friendly solutions for managing and utilizing crypto holdings. Oobit’s initiative aligns with the trend, as evidenced by recent developments like Web3 payments infrastructure provider Transack joining Visa Direct to facilitate easier conversion of crypto holdings into fiat currency.
Amram Adar, co-founder and CEO of Oobit, expressed his enthusiasm about the funding round, stating, “With the backing of industry leaders, the funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere.” This statement not only reflects the company’s ambition but also highlights the industry’s readiness to embrace and support innovative solutions that bridge the gap between cryptocurrency and everyday financial transactions.
Oobit’s successful Series A funding round is a testament to the company’s innovative approach and potential to transform the crypto payments landscape. With the support of industry giants and a clear vision for the future, Oobit is well-positioned to lead the charge in making crypto payments a mainstream reality, offering consumers a simple, secure, and efficient way to transact with digital assets in their daily lives.