Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round.
The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.
The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.
Also Read: ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’
Oobit provides a gateway to spending cryptocurrencies in traditional commerce settings. Consumers pay with crypto, but merchants receive fiat money, like a typical credit card transaction.
Using Oobit, crypto holders can tap and pay at over 100 million retailers across the globe, anywhere Visa and Mastercard are accepted, similar to using Apple Pay.
Tether CEO Paolo Ardoino said: “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.״
Also Read: Tether under scrutiny: A deep dive into cryptocurrency crime allegations
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.
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