Mobile payment application Oobit, as announced by the company on Monday, has secured a significant milestone with a $25 million funding round in its Series A. The financing was provided with significant contributions from Tether‘s investment arm CMCC Global’s Titan Fund, as well as 468 Capital and Solana 
$221‘s co-founder Anatoly Yakovenko. Although the spokesperson for the Singapore-based company has not disclosed the valuation resulting from this investment, the significant financing indicates a promising trajectory for Oobit.
Expanding Horizons: Oobit’s Vision for Third-Party Wallet Integration
The Oobit application allows consumers to shop using cryptocurrency, while investors can seamlessly exchange for fiat currency. The innovative tap and pay feature increases the accessibility of crypto payments by enabling users to transact at any point of sale that accepts Visa (V) or MasterCard (MA) using funds from their Oobit wallets.
Oobit will enhance its functionality by expanding compatibility with third-party wallets. This strategic move is a step in line with the company’s commitment to offer users a broader range of options. It also further solidifies its position in the dynamic digital finance landscape.
The company spokesperson stated in an email, “We have several exciting partnerships to be announced in the coming months on our roadmap.” This indicates that Oobit is not only focused on its current developments but is also actively working on strategic collaborations that could reshape the future of crypto payments.
Oobit and Traditional Finance Collaboration
Oobit joins the ranks of crypto firms forging alliances with traditional finance (TradFi) institutions, aiming to offer more efficient ways for consumers to leverage their crypto assets in everyday transactions. Recent developments, such as the integration of Web3 payment infrastructure provider Transack with Visa Direct, highlight the growing trend of synergy between crypto and traditional financial systems.
Oobit’s co-founder and CEO Amram Adar expressed his excitement about the funding round, saying:
“With the support of industry leaders, this funding round marks a very important moment for Oobit and propels us forward in our mission to provide a simple way to make payments with digital assets everywhere.”
Adar’s statements reflect the transformative potential of Oobit’s vision, supported by the backing of key players in the industry. Consequently, Oobit’s successful Series A funding not only represents significant financial backing for the company but also underscores its strategic initiatives aimed at enhancing the crypto payments landscape.
