Crypto mobile payment app Oobit raises $25 million Series A
Crypto mobile payment app Oobit raises $25 million Series A
The Israeli-founded startup allows crypto holders to tap and pay at more than 100 million retailers globally where Visa and Mastercard are accepted, while merchants receive fiat currency
Israeli-founded crypto mobile payment app Oobit announced on Monday that it has raised $25 million in Series A funding amid expansion plans as it pushes to advance the adoption of cryptocurrencies as a means of payment.
Investors in the Series A funding round included the investment arm of crypto firm Tether, Hong Kong-based venture capital firm CMCC Global's Titan Fund, technology investment firm 468 Capital and the co-founder of Solana, Anatoly Yakovenko.
Oobit, which is headquartered in Singapore, was co-founded in 2017 by CEO Amram Adar and COO Aharon Miller. Oobit's app allows crypto holders to tap and pay at more than 100 million retailers globally where Visa and Mastercard are accepted, while merchants receive fiat currency, according to the company.
"With the backing of industry leaders, this funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere," said Amram Adar, Oobit’s co-founder and CEO.
Tether CEO Paolo Ardoino said that the investment in Oobit "underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem."
Oobit said it has planned to expand into regions including Asia Pacific, United Arab Emirates, Canada and Australia beyond its primary markets of the European Union and UK, adding it would use the funds to focus on integrating external wallets and accelerating the development of a Web3 gateway.
Reuters contributed to this report
