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On Monday, Tether, the leading issuer of stablecoins, revealed its role as the lead investor in the Series A funding round of mobile payment startup Oobit, which successfully garnered $25 million. The investment round saw contributions from notable entities such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.
Oobit Secures $25 Million in Series A Led by Tether
With its crypto tap-and-pay service, Oobit aims to make strides in the mobile payment sector, offering its services to over 100 million retailers worldwide. This recent infusion of $25 million in capital is earmarked for further development, propelling the company towards its ambition of fostering widespread crypto adoption.
Tether, in its announcement, 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 said in a statement sent to Bitcoin.com News. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Oobit is essentially a mobile payments app that allows users to make payments at any supported Visa or Mastercard point-of-sale (PoS), using cryptocurrencies, directly from the app with its tap-and-pay feature. Oobit was founded in 2017 and its goal is to provide a simple and secure way for crypto holders to pay in-store and worldwide. The Series A capital raise comes on the heels of Oobit adding to its advisory board with the addition of John Linden, the founder of Mythical Games, in October.
Moreover, this move aligns with Tether’s recent flurry of investments across various sectors, including technology, artificial intelligence (AI), and bitcoin mining. Among its ventures are investments with the Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io. Since 2020, Tether has spearheaded eight out of nine investment initiatives.
According to Crunchbase data, Oobit’s recent Series A round brings the startup’s total funding to $28 million. Echoing a similar strategy, prior to Oobit’s funding, the financial powerhouse Paypal backed the digital finance innovator Mesh, furnishing the startup with PYUSD as investment capital. The precise sum deployed by Paypal Ventures into Mesh remains under wraps, yet the PYUSD capital infusion succeeded Mesh’s $22 million funding endeavor.
What do you think about Tether and others investing $25 million into Oobit? Share your thoughts and opinions about this subject in the comments section below.