The mobile payment platform Oobit has recently raised $25 million in a Series A funding round. The investment was led by Tether‘s CMCC Global’s Titan Fund, along with 468 Capital and Solana’s co-founder Anatoly Yakovenko playing significant roles. Oobit, which is based in Singapore, has yet to reveal its new valuation after the investment but the funding is a clear sign of the company’s strong growth potential.
Enhanced Crypto Payment Features on the Horizon
Oobit is known for facilitating shopping with cryptocurrency and allowing investors to convert crypto into fiat currency with ease. Its tap and pay feature, which supports transactions via Visa and MasterCard compatible points of sale, makes the use of crypto wallets more accessible to users. The company plans to further enhance user experiences by integrating with third-party wallets, broadening the options for digital finance interactions.
Company representatives indicate that Oobit is gearing up to announce various partnerships in the near future, signaling an ambitious agenda. These developments point to Oobit’s proactive approach in securing its place in the rapidly evolving market of cryptocurrency payments.
Collaborative Efforts Strengthen Crypto-TradFi Bonds
By establishing alliances with traditional financial institutions, Oobit is joining a trend of bringing efficiencies to crypto asset transactions in daily life. This is in line with recent integrations like Web3 payment infrastructure provider Transack teaming up with Visa Direct, reflecting a convergence of the crypto and traditional finance sectors.
Oobit’s CEO Amram Adar comments on the investment, highlighting the significance of the backing from industry leaders and the company’s commitment to simplifying digital asset payments. The successful funding round demonstrates financial and industry support for Oobit’s strategy to transform the crypto payments domain.