Oobit Secures $25M in Series A Funding Round Led by Tether, with Solana Co-Founder Anatoly Yakovenko Participating

Oobit, a mobile payments app facilitating crypto transactions, has successfully closed a Series A funding round, raising a substantial $25 million. The funding round was spearheaded by Tether, the stablecoin issuer, through its investment arm, CMCC Global’s Titan Fund. Other notable participants in the round include 468 Capital and Anatoly Yakovenko, the co-founder of Solana.

Founded in 2017, The Singapore-based company aims to streamline the process of purchasing goods and services using cryptocurrency, echoing the seamless experience provided by popular platforms like Apple Pay. The company's vision revolves around eliminating "merchant friction," enabling consumers to tap and pay for items with crypto through its mobile app. Leveraging Visa and Mastercard networks, users can make payments at any point of sale that accepts these card networks, utilizing funds directly from their Oobit wallet.

Furthermore, Oobit plans to expand its services by opening up its capabilities to third-party wallets. This strategic move will transition Oobit into a non-custodial crypto payments' platform, offering users greater flexibility and control over their digital assets.

Amram Adar, Co-founder, and CEO of Oobit, expressed enthusiasm about the funding round, emphasizing its significance in advancing the company's mission. Adar stated, "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."

While Oobit already enables consumers to spend cryptocurrencies in traditional commerce settings, the company aims to expand its functionality by integrating external third-party wallets. This strategic move will transition Oobit into a non-custodial crypto payment's app, providing users with greater control over their digital assets.

The investment comes at a time when crypto firms are increasingly collaborating with traditional financial institutions to offer innovative solutions for utilizing cryptocurrencies in everyday transactions. Oobit's strategic partnerships and forthcoming announcements signal its commitment to driving innovation in the crypto payments space and enhancing user experiences.

As Oobit continues to expand its offerings and solidify its position in the market, industry observers anticipate further developments and initiatives aimed at accelerating the adoption of crypto payments on a global scale.