Oobit Secures $25M in Series A Funding

Oobit aims for strategic partnerships and is part of a trend where crypto firms collaborate with traditional finance entities.

In a Series A funding round, the mobile payments application Oobit raised $25 million, the company announced on Monday.

The investment arm of Tether, the Titan Fund of CMCC Global, 468 Capital, and Solana co-founder Anatoly Yakovenko headed the round. A spokesperson for the organization did not disclose the valuation of the Singapore-based company from the investment.

The Oobit app enables consumers to purchase cryptocurrency while merchants are remunerated in fiat currency.

The tap-and-pay functionality enhances the accessibility of cryptocurrency payments by allowing users to deposit funds from their Oobit wallet at any point of sale that accepts Visa (V) or MasterCard (MA).

Oobit App’s Evolution: Towards Non-Custodial Crypto Payments

According to the company’s statement, the capability will be made available to third-party wallets, transforming the company into a non-custodial cryptocurrency payment application.

“In the coming months, we will be announcing several strategic partnerships,” the spokesperson wrote in an email.

The organization has become one of many crypto firms collaborating with conventional finance (TradFi) firms to provide customers with more streamlined methods of utilizing their cryptocurrency assets to purchase goods.

Transack, a provider of Web3 payments infrastructure, announced its integration with Visa Direct last week, facilitating the conversion of cryptocurrency holdings to fiat currency for its users.

“This round of funding, supported by industry titans, signifies a turning point for the company, advancing our mission to enable a straightforward payment method with digital assets in any location.” In a statement, Amram Adar, co-founder and CEO of Oobit, commented.