Stablecoin Issuer Tether Announces Investment In Oobit, A Mobile Payment App

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Tether, which claims to be the largest company in the cryptocurrency industry, has announced its investment in Oobit, a mobile payment application.

The Series A investment round has concluded “with $25 million raised for Oobit’s ongoing development, supporting its goal of mainstream cryptocurrency adoption.”

This aligns with Tether’s vision of a financially inclusive world.

Oobit’s mobile payment app empowers crypto holders “to Tap & Pay at over 100 million retailers worldwide, accepting Visa and Mastercard.”

This seamless integration “allows merchants to embrace digital assets as a form of payment, providing customers with a convenient way to use their digital assets for transactions.”

In the pipeline, future updates to Oobit will “enable customers to make crypto payments while ensuring that merchants seamlessly receive fiat currency in return, mirroring the simplicity of customers paying with a credit card.”

The Series A funding round, led by Tether’s investment arm, “saw significant participation from pivotal industry leaders and strategic investors. Notable contributors include CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana.”

Paolo Ardoino, CEO of Tether, said:

“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.”

The Oobit app is reportedly available “on the Apple App Store and Google Play and can be connected with Oobit’s native blockchain wallet to enable payments via Tether, Bitcoin, and other digital assets.”

As noted in the update, Tether is a key player in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape.

With a mission to provide accessible, secure, and efficient financial, communication, and energy infrastructure, Tether says that it “enables greater financial inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike.”

As the creator of the largest, “most transparent,” and “liquid” stablecoin in the industry, Tether states that it is dedicated to “building sustainable and resilient infrastructure for the benefit of underserved communities.”

By leveraging cutting-edge blockchain and peer-to-peer technology, it is “committed to bridging the gap between traditional financial systems and the potential of decentralized finance.”



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