Leading stablecoin company Tether has invested $25 million in mobile payments app Oobit as part of Oobit’s Series A funding round.
The partnership aims to accelerate mainstream adoption of cryptocurrencies globally. Oobit’s app enables over 100 million crypto holders to easily perform tap-and-pay transactions at merchants around the world that accept Visa and Mastercard.
Seamless integration allows merchants to accept digital assets, giving users a convenient way to spend their cryptocurrencies. An upcoming update to Oobit will make crypto payments even more efficient, making it as easy for merchants to receive fiat currencies as they are for credit card transactions.
Paolo Ardoino, CEO of Tether, said: “Our support is based on a mutual vision to accelerate the adoption of cryptocurrencies on a global scale. In our view, Oobit will break down barriers and create smooth transactions for crypto holders around the world. It acts as a catalyst.”
The Series A round, led by Tether, attracted contributions from industry leaders including CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.
Tether’s investment in Oobit reflects a strategic move to accelerate mainstream cryptocurrency adoption and facilitate seamless transactions for users around the world.
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