In a Series A fundraising round, the mobile payments service Oobit raised $25 million, the business announced on Monday.The Titan Fund of CMCC Global, 468 Capital, Solana co-founder Anatoly Yakovenko, and Tether’s investment division led the financing.A representative for the Singapore-based business declined to disclose the amount the investment was worth.
While businesses get fiat money, customers can use the Oobit app to pay using cryptocurrency.With the ability to pay with funds from their Oobit wallet at any point of sale that takes Visa (V) or MasterCard (MA), the tap-and-pay feature helps make cryptocurrency payments more widely available.According to the company, it intends to enable third-party wallets, turning Oobit into a non-custodial cryptocurrency payments platform.
“With the backing of industry leaders, this funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere.” Amram Adar, Oobit’s co-founder and CEO, said in a statement.
“We have several partnerships in the pipeline that will be announced in the coming months,” the spokeswoman said in an email.
The business becomes one of the increasing number of cryptocurrency companies collaborating with traditional finance (TradFi) businesses to provide customers with more effective ways to use their cryptocurrency holdings to make purchases.Transack, a Web3 payments infrastructure provider, said last week that it has partnered with Visa Direct to facilitate its users’ conversion of cryptocurrency holdings into fiat money.
“With the backing of industry leaders, this funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere.” Amram Adar, Oobit’s co-founder and CEO, said in a statement.