Oobit Secures $25 Million in Series A Funding to Propel Cryptocurrency Adoption
On Monday, Oobit, the Singaporean mobile payment app firm, revealed the successful completion of a $25 million funding round. The financing round, including participation from notable investors such as the investment arm of Tether, Titan Fund from Hong Kong-based CMCC Global, 468 Capital, and Anatoly Yakovenko, co-founder of Solana, signifies a pivotal moment in expansion strategy to drive the widespread adoption of cryptocurrencies in payment systems.
In a statement, Paolo Ardoino, CEO of Tether, emphasized that their investment in underscores a dedicated commitment to welcoming new users into the cryptocurrency ecosystem. This backing from key players in the crypto space reflects confidence in Oobit’s vision and potential.
Strategic Expansion Plans and Utilization of Funds
Founded in 2017, Oobit outlined its ambitious expansion plans, targeting regions beyond its primary markets in the European Union and the UK. The company aims to establish a presence in Asia Pacific, the United Arab Emirates, Canada, and Australia. The recently secured funds will play a crucial role in strategic initiatives, particularly in integrating external wallets and expediting the development of a Web3 gateway.
Oobit’s focus on Web3 signifies its commitment to cutting-edge solutions. Web3, denoting a decentralized version of the internet operating on blockchain technology, aligns with vision for the future of digital transactions.
Oobit’s mobile app, developed since its founding in 2017, enables cryptocurrency holders to conduct seamless tap-and-pay transactions at over 100 million retailers worldwide where Visa and Mastercard are accepted. Notably, merchants receive fiat currency, establishing Oobit as a user-friendly bridge between the cryptocurrency and traditional financial realms. The company’s innovative approach positions it at the forefront of shaping the evolving landscape of digital payments.
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