In a Monday briefing, the renowned mobile payment platform in Singapore Oobit generated $25 million in a series A funding round. The funding round was led by Tether’s investment unit CMCC Global Titan Fund.
Other participants in the completed fundraising included 468 Capital and the co-founder of Solana Anatoly Yakovenko.
Oobit Nets $25M in a Series A Funding Round
A statement from the Oobit spokeswoman demonstrated that the funds will be used to expand its market presence.
She confirmed that the payment company plans to broaden its geographic presence in Asia Pacific United Arab Emirates, Canada and Australia. Also, the spokesperson stated that the funds will support Oobit to explore viable opportunities in Europe and the UK.
She added that a portion of the investment will be directed towards the integration of external wallets that will foster Web3 development. The proposed external wallet will incorporate a third-party wallet to allow the Oobit to offer non-custodial payments.
Oobit Seeks to Expand Market Presence
A report from Oobit chief executive Amram Adar confirmed that the $25 million will support the payment company to attain its mission. The CEO confessed that for years the Oobit team has been working on allowing the customers to make payments through digital assets.
He believes that the fresh funding and support from key industry players will position Oobit at a pivot point to blossom. In a separate report, the chief executive of Tether Paolo Ardoino stated that the new capital will enable Oobit to onboard more users to the vibrant crypto sector.
The executive underscored the need to bring more users to the crypto industry. The report demonstrated that Oobit has been operational since 2017 and has gained a considerable market share in the payment industry.
Oobit Promotes Crypto Payments
Since the launching of the Oobit platform, the company has invested heavily in integrating digital assets to allow customers to make crypto purchases. This development allows retail investors to receive crypto payments.
Primarily the integration of digital assets aimed at enabling crypto payments through the tap-and-pay feature on the Oobit wallet. The integration of crypto payment options positioned Oobit among the companies supporting the use of digital assets.
The need to improve transaction speed and efficiency has forced payment companies to collaborate with fintech and crypto firms. A few days ago Transack partnered with Visa Direct to allow the users to easily convert their crypto assets to preferred fiat currency.