Oobit Raises $25 Million in Funding to Accelerate Global Expansion

Oobit's expansion strategy extends to key regions such as the Asia Pacific, the United Arab Emirates, Canada, and Australia.

Singapore-based mobile payment app company Oobit has successfully secured $25 million in a Series A funding round, signaling its ambitious expansion plans and its commitment to advancing the use of cryptocurrencies for payments.

The investment was made by a group of prominent backers, including the investment arm of crypto giant Tether, CMCC Global’s Titan Fund based in Hong Kong, technology investment firm 468 Capital, and Anatoly Yakovenko, co-founder of U.S. tech firm Solana.

Tether CEO Paolo Ardoino expressed his enthusiasm for the investment, stating that it “underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem.”

This strategic financial injection will provide Oobit with the necessary resources to continue its expansion efforts beyond its existing strongholds in the European Union and the UK.

Oobit’s expansion strategy extends to key regions such as the Asia Pacific, the United Arab Emirates, Canada, and Australia.

These efforts align with their core mission to facilitate the widespread adoption of cryptocurrencies for everyday transactions.

The company plans to utilize the newly acquired funds to expedite the integration of external wallets and further develop its Web3 gateway.

Web3, an emerging concept, represents a decentralized version of the internet that operates on blockchain technology.

Oobit’s commitment to developing a Web3 gateway underscores its dedication to embracing the future of digital transactions and a decentralized online ecosystem.

Oobit, founded in 2017, has developed a user-friendly mobile app that empowers crypto holders to make payments at over 100 million global retailers that accept Visa and Mastercard.

The unique feature of the app is that merchants receive traditional fiat currency, making it easier for businesses to embrace cryptocurrencies as a means of payment.

This innovative approach not only simplifies the crypto payment process but also incentivizes broader adoption among consumers and businesses alike.

As Oobit secures this significant investment, it is well-positioned to drive cryptocurrency adoption and expand its reach globally.

The company’s dedication to creating a user-friendly bridge between cryptocurrencies and traditional financial systems marks a pivotal step forward in the world of digital payments.