A leading stablecoin company, Tether, has invested $25 million in Oobit, a mobile payment app, as part of Oobit’s Series A funding round.
The collaboration aims to promote the global mainstream adoption of cryptocurrencies. Oobit’s app empowers over 100 million crypto holders to easily conduct Tap & Pay transactions at retailers worldwide, accepting Visa and Mastercard.
The seamless integration enables merchants to accept digital assets, offering users a convenient way to use cryptocurrencies. Future updates from Oobit will further streamline crypto payments, ensuring merchants effortlessly receive fiat currency in return, akin to credit card transactions.
Paolo Ardoino, CEO of Tether, stated, “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.”
The Series A round, spearheaded by Tether, garnered contributions from industry leaders such as CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana.
The investment by Tether in Oobit reflects a strategic move towards accelerating mainstream cryptocurrency adoption and fostering seamless transactions for users globally.
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