February 25, 2024

Oobit Raises $25 M Investment to Drive Crypto Adoption in Markets

Oobit, a Singapore-based mobile payment app focused on cryptocurrency, has completed its Series A funding round, securing $25 million in investment. The funding round was led by the investment arm of Tether, a cryptocurrency software company, along with contributions from CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, co-founder of Solana. The exact valuation of the company post-investment was not disclosed.

This investment comes as Oobit aims to expand its reach and advance the adoption of cryptocurrencies as a mainstream payment method. With $25 million raised in its Series A round, Oobit aims to accelerate its development efforts and drive its expansion plans across Asia Pacific, Latin America, and the United Arab Emirates.

Oobit, headquartered in Singapore and founded in 2017 by Israeli CEO Amram Adar and COO Aharon Miller, offers a mobile payment app enabling cryptocurrency holders to make purchases at over 100 million retailers worldwide that accept Visa and Mastercard. 

This app lets users pay with their digital assets, while merchants receive fiat currency. This tap-and-pay feature facilitates crypto transactions at any point of sale, accepting Visa or Mastercard, making digital asset payments more accessible to consumers.

Amram Adar, Oobit’s CEO, expressed his views about the company’s future, stating, “With the support of industry leaders, this funding round signifies a significant milestone for Oobit, propelling us toward our goal of providing a straightforward method for paying with digital assets anywhere.” The app’s functionality is set to expand further, with plans to enable third-party wallet integration, transitioning Oobit into a non-custodial crypto payments app. 

The company has hinted at forthcoming partnerships to be announced in the coming months, indicating a trajectory of continued growth and innovation.

Tether CEO Paolo Ardoino emphasized the importance of the investment in Oobit, highlighting their shared aim to expand the adoption of cryptocurrencies globally. The collaboration aims to break down barriers and facilitate seamless transactions for crypto holders worldwide. 

The Oobit app, available on both the Apple App Store and Google Play, connects to Oobit’s native blockchain wallet, enabling users to make payments using digital assets such as Tether and Bitcoin.

Tether USDT, a digital asset classified as a stablecoin, maintains a fixed market value parity with the U.S. dollar, making it suitable for everyday purchases such as food, coffee, or gas as the largest stablecoin by market cap, valued at $83 billion, Tether offers users stability in contrast to the volatile nature of bitcoin, the leading cryptocurrency with a market cap of $846 billion. This stability reassures users, eliminating concerns about fluctuating values.

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