In a recent announcement, Tether has disclosed a substantial investment of $25 million in the mobile payment platform Oobit, aiming to enhance the integration of cryptocurrencies into everyday commerce.
This initiative will provide users with a more accessible avenue for utilizing digital assets in physical retail transactions.
Oobit’s mobile application is designed to revolutionize the interaction between cryptocurrency holders and the global retail landscape.
Oobit App’s Impact and Tether’s Milestones
The app wants to change how people use cryptocurrencies in everyday life by letting them be used at more than 100 million stores worldwide that accept Visa and Mastercard.
Tether invests in Oobit.
Oobit’s mobile payment app empowers crypto holders to Tap & Pay at over 100 million retailers worldwide, accepting Visa and Mastercard.$USDt Real World Ecosystem is growing. https://t.co/umXSXNMUja
— Paolo Ardoino
(@paoloardoino) February 5, 2024
Paolo Ardoino, CEO of Tether, talked about how important the series A investment was and how committed the company is to getting new people involved in the cryptocurrency industry.
With the announcement of several growth plans, Tether has had a strong start to 2024. The stablecoin provider just started an educational program called Tether Edu that focuses on teaching people web3 and blockchain skills.
In the past few months, Tether’s finances have done very well, with an estimated $2.8 billion net profit in the fourth quarter of 2023 and a record-breaking rise in USDT’s excess reserves.
The Oobit app, downloaded from the Apple App Store and Google Play, works perfectly with its built-in blockchain bank. With this connection, users can pay with Tether, Bitcoin, and many other digital currencies.
Key players in the industry and significant investors, such as CMCC Global’s Titan Fund and 468 Capital, supported the funding round that made this collaboration possible.
