Oobit announces it has raised USD 25 million in a Series A funding round led by the investment arm of Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana.
Consumers can use the Oobit app to pay for purchases using crypto, while merchants receive fiat currency. The Tap-and-Pay feature helps make crypto payments more accessible, as users can pay at any Point-of-Sale that accepts Visa or Mastercard, using funds from their Oobit wallet.
The company is planning to open up the payments capability to third-party wallets, which will transition Oobit into a non-custodial crypto payments app. This functionality will be supported by several partnerships that will be announced in the near future.
Executives from Oobit said that with the backing of industry players, this funding round marks a pivotal moment for Oobit, propelling them forward in their mission to allow a simple way to pay with digital assets anywhere.
In April 2022, Oobit released a mobile app for iOS and Android, promoting cryptocurrency adoption. The app offers real-time tracking, 24/7 support, and a business module for crypto payments. Strategic partnerships ensure security, insurance, and compliance, catering to individuals, small businesses, and enterprises.
Also in April 2022, Oobit introduced a gateway solution for cryptocurrencies in partnership with Coinbase for enhanced security. Users access features like price comparison, a unified KYC passport, and Oobit Wallet. Core features include Oobit Hunter for price discovery, Oobit Pass for streamlined KYC, and Oobit Direct for card purchases. Oobit xMap assists merchants, and Oobit Wallet securely stores Bitcoin with minimal fees.
Finally, in September 2023, Oobit launched Tap-and-Pay, enabling crypto usage for contactless payments at over 100 million businesses. Regulatory barriers hinder widespread adoption despite its potential in remittances. Users face challenges in crypto utilisation, while merchants seek direct blockchain integration for acceptance.
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