In an impressive stride towards advancing cryptocurrency usability, the innovative crypto payment application, Oobit, has triumphantly concluded its Series A fundraising. A substantial sum of $25 million was secured, with notable contributions from several industry heavyweights. These include the investment division of Tether (USDT’s parent organization), CMCC Global’s Titan Fund, 468 Capital, and notably, Anatoly Yakovenko, the distinguished co-founder of the blockchain platform, Solana.
Oobit: Bridging Crypto and Retail
Oobit is revolutionizing the way cryptocurrency holders interact with the retail world. The platform stands out by offering its users the ability to make purchases at an extensive network of over 100 million retailers globally, wherever Visa and Mastercard are accepted. This functionality mirrors that of popular services like Apple Pay, marking a significant advancement in the cryptocurrency domain.
The true innovation of Oobit lies in its approach to transaction processing. It adeptly converts cryptocurrency payments into the fiat currency of the retailer’s preference almost instantly, ensuring a smooth and hassle-free shopping experience. This seamless integration of cryptocurrencies into conventional retail settings is a game-changer, simplifying the spending process for crypto enthusiasts.
Strategic Expansion and Vision for the Future
Oobit is not resting on its laurels; it’s actively laying down plans for future enhancements. A significant part of its roadmap includes integrating its payment solution with external third-party wallets. This integration aims to forge a direct link between Web 3.0 assets and everyday transactions, marking a pivotal step in Oobit’s evolution towards becoming a non-custodial crypto payments app. Such a transformation is expected to offer unprecedented flexibility and accessibility to users, further cementing Oobit’s position in the market.
Moreover, the company has set its sights on expanding its geographical footprint. With a strategic expansion plan, Oobit aims to venture into new territories including Latin America, the United Arab Emirates, the Asia-Pacific region, Canada, and Australia. This is in addition to reinforcing its already robust presence within the European Union and the United Kingdom, thereby extending its global reach and influence.
Industry Support and Endorsement
Paolo Ardoino, the esteemed CEO of Tether, has openly expressed his support for Oobit. Ardoino articulated Tether’s strategic investment in Oobit as a testament to their unwavering commitment to introducing new users to the cryptocurrency ecosystem. He lauds Oobit as a pivotal player in the industry, with the potential to dismantle existing barriers and facilitate smooth and effortless transactions for crypto holders across the globe.
In Ardoino’s words, “Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem. 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.”
Oobit’s successful Series A funding round, backed by giants in the industry, is not just a testament to the company’s current achievements but also a strong vote of confidence in its future potential. As Oobit continues to innovate and expand, it paves the way for a future where cryptocurrency becomes an integral, seamless part of everyday transactions, making the vision of a truly digitized economy a tangible reality.
