Oobit Secures $25M Funding to Enhance Crypto Payment Accessibility

Funding Success for Mobile Payments App

Mobile payments application Oobit has secured a significant financial boost, obtaining $25 million from a Series A fundraising event. Key investors include Tether's investment wing, the Titan Fund of CMCC Global, 468 Capital, and Anatoly Yakovenko, one of the founding members of Solana. Despite the new funding heightening the company's market value, specific valuation details remain undisclosed by the Singapore-based brand.

Integration of Crypto Payments

Oobit's application offers a practical solution for users to conveniently pay with cryptocurrency at any location accepting Visa or MasterCard. Behind the scenes, merchants receive fiat currency, while the end-users are charged from their Oobit wallets. Furthermore, plans are underway to expand this service to non-Oobit wallets, aiming to transform the app into a platform for non-custodial cryptocurrency transactions.

Strategic Partnerships and Future Plans

Setting the stage for future growth, Oobit anticipates unveiling new partnerships that promise to merge the functionalities of traditional financial systems with contemporary crypto payment methods. This development comes as other crypto enterprises have begun collaborating with established finance firms to enhance the ease of converting digital assets into fiat currency for consumer transactions. With industry heavyweights backing them, Oobit's leaders are committed to simplifying the use of digital currencies for daily purchases.