Tether invests $25m in Oobit to expand crypto payments globally

Tether announced a $25 million investment in mobile payment platform Oobit, facilitating a more accessible path for crypto within everyday commerce. 

Oobit’s mobile application attempts to change how cryptocurrency holders interact with the physical retail world. It enables users to use their digital assets at over 100 million retailers globally that accept Visa and Mastercard.

Paolo Ardoino, the newly appointed CEO of Tether, emphasized the series A investment as a testament to Tether’s commitment to introducing new users to 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 company launched its own educational program called Tether Edu, which will help users develop web3 and blockchain skills. The company’s financial performance has also been notable in recent months, with a $2.8 billion net profit in the fourth quarter of 2023 and an all-time-high increase in USDT’s excess reserves. 

Available on both the Apple App Store and Google Play, the Oobit app connects with its native blockchain wallet, allowing for payments in Tether, Bitcoin, and various other digital currencies.

The funding round saw contributions from key industry players and strategic investors, including CMCC Global’s Titan Fund, 468 Capital.