The mobile cryptocurrency payment app Oobit wants to expand its user base to include more mainstream users. The Singapore-based business announced that it has obtained US $25 million in series A funding to support its expansion into the United Arab Emirates, Latin America, and Asia Pacific.
Prominent cryptocurrency figures such as Tether Limited, the stablecoin issuer, and Anatoly Yakovenko, the co-founder of Solana Labs, along with CMCC Global’s Titan Fund and 468 Capital, participated in the round.
Oobit wants to make cryptocurrency payments easier. Users can pay with cryptocurrency at over 100 million merchants worldwide by using its “tap and pay” feature, which mimics the ease of use of contactless transactions for Visa and Mastercard.
In order to bridge Web3 and real-world spending, the startup intends to enable payments to and from external e-wallets, whether they are crypto or not.
Furthermore, Oobit’s app enables users to buy Bitcoin, Ethereum, and more than 35 other well-known cryptocurrencies.
Oobit’s goal is to enable “direct payments while ensuring that users retain control over their funds, aligning with Oobit‘s belief and vision for a user-centric financial future,” said co-founder and CEO Amram Adar.
