Crypto Giants Tether And Solana’s Yakovenko Lock Horns, Pledging $25 Million To Transformative Crypto Payments Innovator Oobit

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  • Crypto mobile payment firm Oobit secures $25M Series A investment with backing from Tether, Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital.
  • Oobit aims to streamline cryptocurrency purchases for consumers, facilitating transactions for goods and services.
Source: The Block

Oobit, a crypto mobile payments firm, announced a $25 million Series A funding round led by Tether, Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital.

Established in 2017, Oobit aims to streamline crypto payments, offering an app similar to Apple Pay, enabling users to easily tap and pay for products and services with cryptocurrency.

“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.”

Similar to Oobit, established fintech companies like PayPal and Nubank are also enhancing the user experience for buying, selling, and using cryptocurrencies. Visa has also teamed up with web3 firm Transak to facilitate crypto spending and withdrawals through debit cards.

Shift To ‘Non-Custodial’ Payment Platform

Oobit aims to expand its features, enabling external third-party wallets and transforming into a non-custodial crypto payments app.

Martin Baumann, co-founder of CMCC Global, emphasized their commitment to supporting innovation bridging blockchain and traditional finance through investment in Oobit’s Series A funding.

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ABOUT THE AUTHOR

Tabitha Nyamburah
Journalist

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