Tether Leads Oobit in $25M Series A Funding Round

Tether leads Oobit’s $25M funding round to bolster mainstream crypto adoption.

New pile of golden coins covering the Tether space.
Created by Kornelija Poderskytė from DailyCoin
  • Tether has led a multimillion-dollar funding round.
  • The investment will help the beneficiary company foster crypto adoption.
  • Tether CEO said the investment aligns with the company’s vision.

According to an announcement on Monday, crypto payments application Oobit has secured millions of dollars in a series A funding round led by USDT stablecoin issuer Tether.

Co-founded by Aharon Miller in 2017, the Oobit platform features a native blockchain wallet that allows users to “Tap & Pay at over 100 million retailers worldwide,” accepting Visa and Mastercard.

Tether Leads Oobit’s $25M Funding

In a statement issued on February 5, Tether announced the conclusion of Oobit’s series A funding round, with $25 million raised to support the platform’s development and its goal of fostering mainstream crypto adoption.

The funding round drew participation from various strategic investors in the crypto industry, including CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

Tether CEO Paolo Ardoino lauded the development, noting that it underscored the company’s “unwavering dedication” to onboard 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,” Ardoino stated.

Per the statement, upcoming updates to Oobit will mirror the simplicity of using a credit card for payments by allowing customers to pay in crypto. Merchants receive fiat in return, aligning with Tether’s vision of a financially inclusive world.

Read about Tether’s latest profits:
Tether Profits at All-Time High, USDT Reserves Hit $5.4B

Stay updated on Tether CEO’s response to UN report regarding illicit activity:
Tether CEO Responds to UN Report Regarding Illicit Activity

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tags
Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.