Oobit, a leading mobile payment app, has successfully concluded its Series A funding round, raising US $25 million to advance the adoption of cryptocurrencies as a means of payment. The Series A funding round was led by industry leaders and garnered support from strategic investors, including the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital and the Co-founder of Solana, Anatoly Yakovenko.
Using Oobit, crypto holders can Tap & Pay at over 100 millions retailers across the globe, anywhere Visa and Mastercard are accepted, similar to using Apple Pay®.
Since 2017, Oobit has focused on innovation and removing merchant friction, enabling merchants to accept digital assets without intricate integration. This innovative approach allows Oobit to revolutionise new digital asset verticals and transform them into forms of payment, ranging from in-game points to Web3 wallet connections.
“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem", said Tether CEO, Paolo Ardoino. “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 provides the gateway to spending cryptocurrencies in traditional commerce settings. Consumers pay with their crypto, but merchants receive fiat money, exactly like a typical credit card transaction. While consumers and merchants experience a simple Tap & Pay solution, numerous critical processes and transactions occur behind the scenes in near-real-time, allowing for complete seamlessness.
In the near future, Oobit intends to open up the same capability to any external third-party wallets, creating a bridge between Web3 and spending. This will transition Oobit into a non-custodial crypto payments app, allowing external wallets to Tap & Pay with crypto anytime, anywhere, just by connecting via the Oobit app.
"Our investment in Oobit's Series A funding round underscores our dedication to fostering innovation that bridges the realms of blockchain systems and traditional financial systems. Oobit's 'Tap & Pay' technology exemplifies a pivotal step towards integrating cryptocurrencies into everyday transactions, aligning with our vision for a seamless convergence between the digital and traditional financial landscapes.”, said Martin Baumann, Co-founder and Managing Partner of CMCC Global’s Titan Fund.
Investors are keenly interested in Oobit's expansion plans into regions such as Latin America (LATAM), United Arab Emirates (UAE), Asia-Pacific (APAC), Canada, and Australia, beyond its primary markets in the European Union (EU) and United Kingdom (UK).
Oobit's Co-founder and CEO, Amram Adar added, “with the backing of industry leaders this 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. Enabling direct payments while ensuring that users retain control over their funds, aligning with Oobit's belief and vision for a user-centric financial future."