Oobit announced the conclusion of the Series A funding round. The round saw active input from CMCC Global, Anatoly Yakovenko, Tether, and 468 Capital in raising the $25M needed by Oobit.
Oobit is a crypto mobile management company. The firm intends to ease the purchase of goods and services via cryptocurrency.
Oobit Concludes Successful Series A Funding Round
Oobit, a crypto mobile payments company, has secured $25M in Series A funding round. A statement by the firm noted that the round was managed by 468 Capital, Tether, CMCC Global, and Solana co-founder Anatoly Yakovenko.
Oobit was established in 2017, aiming to eradicate the ‘merchant function’ and operate like Apple Pay. In this case, it intends to permit clients to use its application to tap and use crypto to purchase goods and services.
Oobit Seeks to Eliminate Obstacles Hindering Crypto Transactions
In a statement, Paolo Ardoino, Tether’s chief executive officer, said that Tether’s strategic investment in Oobit highlights the firm commitment to welcoming new users into the cryptocurrency ecosystem. Additionally, he said that in their view, Oobit is a catalyst that eliminates obstacles and ensures seamless transactions for crypto holders globally.
The presence of Tether in the funding round affirms the issuer of the largest global stablecoin by market capitalization committed to bolstering crypto transactions.
Similar to Oobit, traditional fintechs such as Nubank and PayPal have been striving to ease crypto purchasing, selling, and spending. Additionally, Visa, a payment behemoth, lately collaborated with Transak, a Web3 company, to ease the process of selling or withdrawing crypto via a debit card.
Oobit Pursues ‘Non-Custodial’ Payments Application
Currently, Oobit permits people to use ‘cryptocurrencies in traditional commerce contexts.’ However, the firm intends to expand its capabilities and permit third-party wallets. The firm noted that the move would convert Oobit into a non-custodial crypto payments application.
Martin Baumann, CMCC Global’s co-founder and Managing Partner, said their investment in Oorbit’s Series A funding round highlights their commitment to promoting innovation that links the spheres of traditional financial systems and blockchain systems.
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