Tether invests in payment app Oobit to expand crypto payment scene.

Stablecoin issuer Tether announced an investment in the payment app Oobit. Oobit's Series A funding raised $25 million to support its goal of mainstream adoption of cryptocurrencies, aligning with Tether's vision of a financially inclusive world.

Oobit: A Cryptocurrency Mobile Payment Company

The cryptocurrency mobile payment company Oobit was founded in 2017, allowing consumers to pay for goods and services using cryptocurrencies through its app. The app is available for download on Google Play and the App Store, where users can:

• Buy and sell cryptocurrencies
• Make in-store payments with cryptocurrencies
• Send or receive cryptocurrencies to and from friends

According to its website, Oobit is accepted by over 100 million retailers worldwide. Currently, it supports 10 cryptocurrencies including BTC, ETH, and USDT as payment methods. Tether mentioned in a press release that Oobit plans to enable customers to make payments using cryptocurrencies while ensuring that merchants seamlessly receive fiat currency in return, aiming to expand its user base among consumers and businesses like credit cards.

Investors include Solana Co-founder Anatoly Yakovenko

The Series A funding led by Tether's investment arm attracted investors such as Solana Co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital. The Series A funding raised a total of $25 million.

Tether's CEO Paolo Ardoino stated:

Tether's strategic investment in Oobit underscores our unwavering commitment to welcoming new users into the cryptocurrency ecosystem. Our support is based on a shared vision to drive widespread adoption of cryptocurrencies globally. We see Oobit as a catalyst to break down barriers and facilitate frictionless transactions for cryptocurrency holders worldwide.

The Future of Traditional Finance with Tether

Last August, Tether CEO Paolo Ardoino tweeted about seeing the "future of traditional finance" and mentioned using a mobile app based on USDT and XAUT gold-stablecoin for international B2B, B2C, and C2C settlements. Ardoino said:

This solution supports direct payments, custody, and dispute resolution platforms, and will also support the Bitcoin Lightning Network in the future.

At that time, there were speculations that Tether might launch a new payment app. Does Tether's investment in Oobit bring it closer to its vision of the future of traditional finance?