Crypto mobile payments firm Oobit has secured $25 million in Series A funding in a round led by Tether, Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital, the company said in a statement.
Oobit, which was founded in 2017, aspires to remove “merchant friction” and function much like Apple Pay does, allowing consumers to utilize its app to tap and pay for goods and services with crypto.
“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem,” Tether CEO Paolo Ardoino said in a statement. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Like Oobit, traditional fintechs including PayPal and Nubank have been working to make the process of buying, selling and spending crypto more seamless. Payments giant Visa also recently partnered with web3 firm Transak in order to make it easier for people to spend or withdraw crypto using a debit card.
Transition to ‘non-custodial’ payments app
While Oobit already allows consumers to spend “cryptocurrencies in traditional commerce settings,” the company hopes to extend its capabilities and allow for external third-party wallets. “This will transition Oobit into a non-custodial crypto payments app,” the company said.
“Our investment in Oobit’s Series A funding round underscores our dedication to fostering innovation that bridges the realms of blockchain systems and traditional financial systems,” said Martin Baumann, co-founder and Managing Partner of CMCC Global.
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