Tether recently revealed a $25 million investment in Oobit, a mobile payment company, opening up a more accessible route for cryptocurrencies in regular commerce.
Oobit’s mobile app aims to alter how cryptocurrency owners engage with traditional retail establishments. It allows consumers to use their digital assets at more than 100 million Visa and Mastercard-accepting shops worldwide.
According to Tether’s recently hired CEO Paolo Ardoino, the series A investment is evidence of the company’s dedication to drawing new consumers into the cryptocurrency ecosystem.
Tether has started 2024 strongly on the strategic front, as the leading stablecoin provider has launched several growth initiatives in the past month.
Last week, the business debuted Tether Edu, an instructional program designed to help consumers learn web3 and blockchain technologies. With an all-time high rise in USDT’s excess reserves and a $2.8 billion net profit in the fourth quarter of 2023, the company’s financial performance has also been noteworthy recently.
The Oobit app, which is available on Google Play and the Apple App Store, links to its built-in blockchain wallet and accepts payments in Tether, Bitcoin, and other cryptocurrencies.
Important participants in the sector and strategic investors contributed to the investment round, including 468 Capital and CMCC Global’s Titan Fund.
