Tether Leads $25 Million Funding Round for Mobile Payment Startup Oobit

Tether, the prominent issuer of stablecoins, has taken on the role of lead investor in Oobit’s Series A funding round, securing an impressive $25 million for the mobile payment startup. The funding round attracted contributions from significant players such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital. Oobit, with its crypto tap-and-pay service, aims to revolutionize the mobile payment sector by offering its services to over 100 million retailers worldwide. This substantial injection of capital will propel Oobit towards its ambitious goal of fostering widespread crypto adoption. Tether’s support for Oobit is rooted in a shared vision to drive global cryptocurrency adoption, with Paolo Ardoino, Tether’s CEO, expressing confidence that Oobit can facilitate seamless transactions and break down barriers for crypto holders worldwide. Their investment in Oobit aligns with Tether’s recent strategic moves across various sectors, including technology, AI, and bitcoin mining.

Oobit Secures $25 Million in Series A Led by Tether

On Monday, Tether, the leading issuer of stablecoins, revealed its role as the lead investor in the Series A funding round of mobile payment startup Oobit, which successfully garnered $25 million. The investment round saw contributions from notable entities such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.

Background

Mobile Payment Startup Oobit

Oobit is a mobile payment startup that aims to make strides in the mobile payment sector. The company offers its services to over 100 million retailers worldwide through its crypto tap-and-pay service. Oobit was founded in 2017 with the goal of providing a simple and secure way for crypto holders to make payments in-store and worldwide.

Tether as the Lead Investor

Tether, the leading issuer of stablecoins, played a significant role in the Series A funding round for Oobit. The company’s support for Oobit is based on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Tether sees Oobit as a catalyst for breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.

Contributions from Notable Entities

In addition to Tether, the Series A funding round for Oobit saw contributions from notable entities such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital. These contributions further demonstrate the confidence and support Oobit has garnered within the industry.

Oobit’s Crypto Tap-and-Pay Service

Aims to Make Strides in the Mobile Payment Sector

Oobit’s crypto tap-and-pay service is designed to make significant advancements in the mobile payment sector. By offering a simple and secure way for crypto holders to make payments at over 100 million retailers worldwide, Oobit aims to foster widespread crypto adoption.

Services Offered to Over 100 Million Retailers Worldwide

With its crypto tap-and-pay service, Oobit is able to offer its services to over 100 million retailers worldwide. This extensive network allows crypto holders to make payments using their cryptocurrencies directly from the Oobit app at supported Visa or Mastercard point-of-sale (PoS) terminals.

Ambition to Foster Widespread Crypto Adoption

Oobit’s ultimate ambition is to foster widespread adoption of cryptocurrencies. By providing a user-friendly mobile payments app and tap-and-pay feature, Oobit aims to make it easier for individuals to transition from traditional payment methods to using cryptocurrencies for their everyday transactions.

Synergy Between Tether and Oobit

Mutual Vision for Global Adoption of Cryptocurrencies

Tether and Oobit share a mutual vision for the global adoption of cryptocurrencies. Both companies recognize the potential of cryptocurrencies in revolutionizing the financial industry and aim to drive this adoption forward. The partnership between Tether and Oobit strengthens their shared commitment to making cryptocurrencies more accessible and usable for everyone.

Oobit as a Catalyst for Frictionless Transactions

Oobit’s role as a catalyst for frictionless transactions is a key element of the synergy between Tether and Oobit. By providing a simple and secure way for crypto holders to make payments, Oobit helps to eliminate many of the obstacles and challenges associated with using cryptocurrencies for everyday transactions. This frictionless experience aligns with Tether’s goal of making cryptocurrencies more user-friendly and accessible.

Breakdown of Barriers for Crypto Holders

Oobit’s tap-and-pay feature and extensive network of supported retailers help to break down barriers for crypto holders. By allowing users to make payments at any supported Visa or Mastercard PoS terminal, Oobit enables crypto holders to use their cryptocurrencies in the same way they would use traditional fiat currencies. This seamless integration of cryptocurrencies into everyday transactions is crucial for widespread adoption.

Oobit’s Mobile Payments App

Oobit’s mobile payments app is at the heart of its tap-and-pay service. The app allows users to make payments at supported Visa or Mastercard PoS terminals using cryptocurrencies. Founded in 2017, Oobit has been dedicated to providing a simple and secure way for crypto holders to make payments in-store and worldwide. The app’s user-friendly interface and robust security measures ensure a seamless and trustworthy payment experience for users.

Expansion of Oobit’s Advisory Board

John Linden, the Founder of Mythical Games, Joins

Oobit recently expanded its advisory board with the addition of John Linden, the founder of Mythical Games. Linden’s expertise in the gaming industry and experience with blockchain technology make him a valuable addition to Oobit’s advisory board. His insights and guidance will help enhance Oobit’s strategic approach and drive the company’s growth.

Strategic Addition to Enhance Expertise

The addition of John Linden to Oobit’s advisory board is a strategic move to enhance the company’s expertise. Linden’s background in the gaming industry and understanding of blockchain technology will provide valuable insights and guidance as Oobit continues to expand its services and drive crypto adoption.

Tether’s Recent Investments

Investments Across Technology, AI, and Bitcoin Mining

Tether has been actively making investments across various sectors, including technology, artificial intelligence (AI), and bitcoin mining. These investments reflect Tether’s commitment to supporting innovative companies and technologies that have the potential to disrupt and enhance the financial industry. By investing in these sectors, Tether aims to shape the future of finance and drive the adoption of cryptocurrencies.

Partnerships with Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io

Tether has formed strategic partnerships with various entities, including the Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io. These partnerships enable Tether to collaborate with industry leaders and leverage their expertise and resources to further its mission of driving the widespread adoption of cryptocurrencies.

Leadership in Investment Initiatives

Since 2020, Tether has led eight out of nine investment initiatives. This leadership position demonstrates Tether’s commitment to identifying and supporting innovative companies that can drive the adoption of cryptocurrencies. By taking an active role in investment initiatives, Tether provides not only financial support but also strategic guidance and industry expertise to the companies it invests in.

Oobit’s Funding and Similar Strategies

Crunchbase Data on Total Funding

According to Crunchbase data, Oobit’s recent Series A funding round brings the startup’s total funding to $28 million. This significant funding demonstrates the confidence and support Oobit has garnered within the industry. The capital raised in the Series A funding round will be used for further development, advancing Oobit’s mission of fostering widespread crypto adoption.

Paypal’s Backing of Mesh with PYUSD Capital

Prior to Oobit’s funding round, Paypal backed the digital finance innovator Mesh with PYUSD capital. This support from Paypal underscores the potential of Oobit and its tap-and-pay service. Paypal’s backing of Mesh and its similar strategy of supporting innovative fintech companies further validates Oobit’s vision and approach.

Conclusion

With the support of Tether and other notable entities, Oobit has secured $25 million in Series A funding. This funding will propel Oobit towards its ambition of fostering widespread crypto adoption. The synergy between Tether and Oobit, as well as the strategic additions to Oobit’s advisory board, further strengthen the company’s position and expertise. As Oobit continues to expand its services and drive crypto adoption, it remains at the forefront of innovation in the mobile payment sector.