Oobit Raises $25 Million in Series A Funding Round

Tether Leads $25 Million Funding Round for Crypto Mobile Payments Company Oobit, Joined by Solana Co-founder and Other Investors

Tether, the popular cryptocurrency, is spearheading a $25 million funding round for Oobit, a company specializing in crypto payments.

Crypto payments firm Oobit has successfully raised $25 million in its Series A funding round, with Tether, the issuer of the popular stablecoin, leading the investment. The round also saw participation from CMCC Global, 468 Capital, and Solana co-founder Anatoly Yakovenko.

This significant financing will play a crucial role in propelling Oobit towards achieving mainstream adoption, a goal that Tether recognizes in its press release. The partnership between Tether and Oobit reflects their shared commitment to driving global cryptocurrency adoption and removing barriers that hinder frictionless transactions.

Paolo Ardoino, the CEO of Tether, emphasized the strategic importance of partnering with Oobit, stating, “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 Innovative Solution for Crypto Payments

Oobit offers a convenient mobile payments platform that allows users to make purchases using cryptocurrencies. With Oobit, crypto holders can easily pay for goods and services at over 100 million retail points around the world. The platform’s Tap & Pay feature accepts Visa and Mastercard and utilizes near-field communication (NFC) technology for seamless contactless payments. Users have access to tokenized payments, enabling merchants to convert crypto to fiat in real time.

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In addition to its retail capabilities, Oobit is also targeting growth in the financial space by integrating third-party wallets. This move will further expand the platform’s reach and create additional avenues for users to leverage their cryptocurrencies.

Unlocking Value for Oobit Investors

Following the Series A funding announcement, the native Oobit token, OBT, experienced a sharp surge, soaring by more than 30% and reaching highs of $0.105. This price increase reflects the market’s optimistic response to the funding round and signals investor confidence in Oobit’s potential for success.

Q&A: Addressing Your Concerns

Q: What makes Oobit different from other crypto payment platforms? A: Oobit’s Tap & Pay feature, coupled with its extensive retail network and NFC capabilities, sets it apart from competitors by providing a seamless and accessible solution for crypto holders to make payments worldwide.

Q: Does Oobit support other cryptocurrencies besides Bitcoin? A: Yes, Oobit supports a wide range of cryptocurrencies, enabling users to pay with their preferred digital assets.

Q: How does Oobit ensure the security of its users’ crypto assets? A: Oobit incorporates robust security measures, including cold storage solutions and multi-factor authentication, to safeguard users’ crypto assets and personal information.

Future Outlook: Opportunities and Recommendations

Oobit’s successful Series A funding round is a testament to the growing interest in crypto payments and the potential for disruption in the financial sector. As mainstream adoption of cryptocurrencies continues to gain momentum, Oobit’s innovative approach positions it as a key player in facilitating frictionless transactions and driving global cryptocurrency adoption.

Investors should closely monitor Oobit’s progress and consider the long-term potential of its platform. As the company expands its retail network and integrates with more third-party wallets, it is likely to unlock further value for its users and investors alike.

References

• China Tightens Its Grip on Cryptocurrency Trading, Targets the Use of Tether in Foreign Exchange
• PancakeSwap Community Votes to Reduce Cake Token Supply

Don’t keep this exciting news to yourself! Share this article with your friends and followers on social media. Let’s spread the word about Oobit’s groundbreaking advancements in crypto payments!

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