Oobit Secures $25M Funding with Tether as Lead Investor for Crypto Tap-and-Pay Growth

Tether, the primary issuer of stablecoins, disclosed its lead role in funding mobile payment startup Oobit’s Series A round, which secured $25 million.

Notable contributors included Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital. Oobit, with its crypto tap-and-pay service, aims to revolutionize mobile payments globally, targeting over 100 million retailers. The influx of capital will fuel Oobit’s expansion efforts, facilitating wider cryptocurrency adoption. Paolo Ardoino, Tether’s CEO, emphasized the shared vision between Tether and Oobit, aiming for seamless cryptocurrency transactions globally.

Oobit’s mobile app allows users to make crypto payments at Visa or Mastercard points-of-sale directly from their devices. Founded in 2017, Oobit recently added John Linden, founder of Mythical Games, to its advisory board. This investment aligns with Tether’s recent diversification strategy, spanning technology, AI, and bitcoin mining. Oobit’s Series A funding brings its total raised capital to $28 million, echoing Paypal’s investment in Mesh, which followed a similar trajectory.

Clever Robot News Desk 7^th February 2024