Crypto payments app Oobit’s Series A funding marked a noteworthy achievement. Led by Tether Limited, the round attracted investment from respected venture capital firms in the cryptocurrency space, including CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, co-founder of Solana Labs.
In an official statement, Amram Adar, co-founder and CEO of Oobit, expressed gratitude for the support of prominent industry figures, emphasizing the importance of the funding round in advancing Oobit’s goals.
Oobit’s Core Offerings
This infusion of capital, totaling $20 million, brings Oobit’s total funding to $28 million, according to data from Crunchbase. Oobit’s core offering revolves around its mobile payment application, which empowers crypto token holders to seamlessly conduct transactions at over 100 million retailers worldwide.
Leveraging the ubiquity of Visa and Mastercard acceptance, Oobit’s technology facilitates the use of cryptocurrency as easily as traditional cash payments. By orchestrating a system where merchants receive cash in exchange for users’ tokens, Oobit paves the way for broader adoption of crypto payment systems across various industries.
Oobit’s Key Features
Oobit’s interface resembles the ease of use found in conventional card payment systems, facilitating seamless cryptocurrency transactions for both consumers and merchants.
Key features of Oobit’s app include a “tap-to-pay” functionality designed for Android devices, compatible with contactless payment terminals prevalent in modern retail environments. Furthermore, users have the option to integrate their digital assets, including popular cryptocurrencies like Bitcoin and Tether.
While Oobit enters a competitive landscape of mobile cryptocurrency wallets and payment systems, it stands poised to carve out its niche alongside established players like BitPay Inc. and PayPal.