Tether leads $25M round for crypto payments firm Oobit

• Tether led the $25 million Series A round for crypto payments firm Oobit.
• Solana co-founder Anatoly Yakovenko also backed the platform’s investment round.

Oobit, a mobile payments firm that allows users to pay with crypto, has raised $25 million in its Series A funding round. 

Stablecoin issuer Tether led the crypto platform’s funding round, which also attracted the backing of CMCC Global, 468 Capital and Solana co-founder Anatoly Yakovenko.

The financing will help Oobit continue its development as it looks to achieve mainstream adoption, Tether noted in a press release.

“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem,” said Paolo Ardoino, CEO of Tether. 

He added: “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”

With Oobit, crypto holders can easily pay for goods and services at more than 100 million retail points globally. Oobit’s Tap & Pay feature, which accepts Visa and Mastercard, uses NFC (near-field communication) to enable contactless payments, with users accessing tokenized payments that allow for merchants to convert crypto to fiat in real time.

The platform also targets growth across the financial space with third-party wallet integrations.

Following today’s news, the price of native Oobit token OBT soared by more than 30% to reach highs of $0.105.