24/7 Cryptocurrency News

Tether Leaps with $25M Oobit Investment as Stablecoin Issuer Sits on Profits

Tether leads $25 million in Oobit to boost crypto payments at 100M retailers, making digital assets more usable daily.
Published by
Tether Leaps with $25M Oobit Investment as Stablecoin Issuer Sits on Profits

Highlights

  • Tether leads a $25 million Series A funding round for Oobit to integrate cryptocurrencies into everyday transactions.
  • The investment aims to enable crypto usage at over 100 million retailers worldwide, significantly broadening crypto's applicability.
  • Notable contributors to the funding include CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

Tether, the world’s largest cryptocurrency company by market cap, has led a $25 million Series A funding round for Oobit, a company dedicated to simplifying crypto payments. This investment marks a pivotal step towards integrating cryptocurrencies into everyday transactions, enabling crypto holders to use their digital assets at over 100 million retailers worldwide. The funding round also saw contributions from notable investors, including CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, the co-founder of Solana (SOL).

Advertisement

Oobit’s Journey and Tether’s Strategic Vision

Oobit, known for its innovative mobile payments app, has been at the forefront of bridging the gap between cryptocurrency and traditional commerce. The app allows users to “Tap and Pay” using cryptocurrencies at any retailer accepting Visa and Mastercard. This capability significantly broadens the usability of cryptocurrencies, making them a more viable option for everyday transactions. Before this funding round, Oobit had raised $3 million in a seed round in December 2020, bringing its total raised funds to $28 million.

Tether’s investment in Oobit underscores its commitment to fostering the adoption of cryptocurrency on a global scale. Paolo Ardoino, CEO of Tether, highlighted the investment as a cornerstone in the company’s strategy to onboard new users into the cryptocurrency ecosystem. 

With a market cap exceeding $96 billion, Tether has recently reported a record-breaking $2.85 billion in net profits for Q4 2023, showcasing the company’s robust financial health and capacity to invest in ventures that align with its vision for the crypto industry. Besides its core operations, Tether has diversified its investments into bitcoin mining, AI infrastructure, and P2P telecommunications, reflecting its broader commitment to technological innovation.

Advertisement

Enhancing Crypto Payments Accessibility

Oobit’s platform is poised for a significant update to enhance the flexibility of crypto payments further. The upcoming feature aims to enable merchants to receive fiat currency instantly while customers pay using their preferred cryptocurrencies.

This seamless conversion promises to address one of the major hurdles in adopting crypto payments by reducing the volatility risk for merchants. Consequently, this feature could lead to a wider acceptance of cryptocurrencies as a standard payment method across millions of retailers globally.

Furthermore, the Oobit app, available on the Apple App Store and Google Play, supports payments via Tether, Bitcoin, and other digital assets through its native crypto wallet. This integration facilitates a more inclusive ecosystem where users can easily manage and spend their cryptocurrencies, reinforcing the vision of a world where digital and traditional finance converge.

Read Also: Terra Classic Endorses Genuine Labs Proposal, Why LUNC Price Soared 20%?

Share
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025