Crypto Payment App Oobit Raises US$25 Million in Series A Round, Eyes Global Expansion
- ByStartupStory | February 13, 2024
Singapore-based crypto payment app Oobit has successfully concluded its US$25 million Series A investment round, attracting prominent backers including 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 utilize the funds to expand its presence into new markets, including Latin America, the UAE, the Asia-Pacific, Canada, and Australia, beyond its primary markets in the European Union and the UK. Oobit offers a gateway for spending cryptocurrencies in traditional commerce settings, enabling consumers to pay with crypto while merchants receive fiat money, similar to a typical credit card transaction.
Through Oobit, crypto holders can conveniently tap and pay at over 100 million retailers worldwide, anywhere Visa and Mastercard are accepted, similar to using Apple Pay. Paolo Ardoino, CEO of Tether, expressed enthusiasm for the partnership, stating, “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Looking ahead, Oobit aims to extend this capability to any external third-party wallets, creating a bridge between Web3 and spending. This evolution will transform Oobit into a non-custodial crypto payments app, enabling external wallets to tap and pay with crypto anytime, anywhere, simply by connecting via the Oobit app.
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