Tether Leads USD 25M Funding Round for Mobile Payment Startup Oobit
The leading stablecoin issuer, Tether, leads the USD 25 million Series A funding round of investors for mobile payment startup Oobit. The investment round saw notable contributions from Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.
Oobit Secures USD 25 Million in Series A Funding
Oobit, with its crypto tap-and-pay service in the mobile payment sector, offers its services to over 100 million retailers across the world. Securing the funding of USD 25 million will boost further development and propel the company closer to realizing its ambition of fostering widespread crypto adoption.
Tether highlighted the synergy between its objectives and Oobit’s initiatives. “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale,” Paolo Ardoino, the CEO of Tether, stated. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Oobit is a mobile payments app that allows users to make payments at any supported Visa or Mastercard point-of-sale (PoS) using cryptocurrencies from the app with its tap-and-pay feature. The 2017 startup provides a simple and secure way to pay in-store and worldwide for crypto holders. The Series A funding comes on the heels of Oobit adding John Linden, the founder of Mythical Games, to its advisory board in October.
The funding move is in sync with Tether’s recent spate of investments across several sectors, including technology, artificial intelligence (AI), and bitcoin mining. The Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io are among the investment ventures. Tether spearheads eight out of the nine recent investment initiatives since 2020.
Total Funding Round Estimated at USD 28 Million
Oobit’s recent Series A round brings the startup’s total funding to USD 28 million, according to Crunchbase data. The financial powerhouse Paypal backed the digital finance innovator Mesh, funding the startup with PYUSD as investment capital and adopting a similar strategy. The total amount of investment by Paypal Ventures in Mesh remains under wraps, but the PYUSD funding did help in fulfilling Mesh’s USD 22 million endeavor.
What is your take on Tether and others investing USD 25 million in Oobit? Please share your thoughts and opinions in the comments section below.
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