Stablecoin issuer Tether invests in payment app Oobit! Expanding crypto payment scenarios

Stablecoin issuer Tether recently announced an investment in payment application Oobit. Oobit successfully raised $25 million in Series A funding, an investment that will support the adoption of mainstream cryptocurrencies and is in line with Tether’s vision for a financially inclusive world.

Crypto mobile payment company Oobit

Oobit is a crypto mobile payment company founded in 2017 that provides an application that allows consumers to pay for goods and services using cryptocurrency. The app can be downloaded on Google Play and the App Store, and you can start using it after registering.

• Buy and sell cryptocurrencies

• Pay in-store with cryptocurrencies

• Send to a friend or Receive Cryptocurrency

According to the Oobit website, the platform has been accepted by more than 100 million retailers. Currently, Oobit supports 10 cryptocurrencies as payment methods, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). According to Tether’s mention in the press release, Oobit plans to allow customers to pay with cryptocurrencies in the future and ensure merchants can seamlessly receive fiat currency in return. This move is expected to further expand the scope of use by consumers and merchants, just like credit cards.

Investors also include Solana co-founder Anatoly Yakovenko

The Series A financing led by Tether’s investment arm attracted Solana co-founder Anatoly Yakovenko, as well as CMCC Global and 468 Capital. A total of US$25 million was raised in Series A financing.

Tether CEO Paolo Ardoino said: Tether’s strategic investment in Oobit highlights our unwavering dedication to welcoming new users into the cryptocurrency ecosystem. Our support is built on a shared vision to drive widespread global adoption of cryptocurrencies. In our view, Oobit is a catalyst that can break down barriers and facilitate frictionless transactions for cryptocurrency holders worldwide.

Tether The Future of Traditional Finance

Tether CEO Paolo Ardoino tweeted in August last year, claiming to have seen "the future of traditional finance" and stated that he would use the technology based on USDT and XAUT ( Gold Stablecoin) mobile App to achieve international transaction settlement of B2B, B2C and C2C. Ardoino said: This solution supports direct payments, custody and dispute resolution platforms, etc., and will also support the Bitcoin Lightning Network in the future.

At that time, everyone speculated that Tether might launch a new payment app. Is Tether getting closer to its traditional financial future by investing in Oobit this time?

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