By
Temitope Olatunji
April 26th, 2024
Paolo Ardoino, Tether’s chief executive officer, emphasized that the company’s investment in Oobit reflects its dedication to embracing newcomers in the industry.
Following a successful Series A funding round that attracted a significant $25 million, Oobit, a mobile payment app based in Singapore, saw a notable surge of 44% in the value of its native token called OBT within 24 hours.
According to CoinMarketCap data, the digital asset peaked at $0.1146 on Tuesday after the funding announcement. OBT recorded an impressive trading volume of $4.7 million with a 7554.63% boost within a day.
A Shared Goal
Last week, the digital asset, which serves as the utility token for the Oobit ecosystem, traded around $0.07548 on January 30. However, the table has turned for investors with an impressive jump following the just-concluded funding round.
On February 5, Oobit announced that it had concluded its series A funding round led by Tether, a financial services company and issuer of the leading stablecoin USDT.
The investment round also attracted significant attention from key stakeholders, including Solana co-founder (SOL) Anatoly Yakovenko, CMCC Global’s Titan Fund, and 468 Capital.
The funding will support Oobit’s continuous development efforts, including integrating external wallets and enhancing the crypto gateway. Additionally, it will bolster the company’s objective of fostering widespread adoption of the crypto industry.
Paolo Ardoino, Tether’s chief executive officer, emphasized that the company’s investment in Oobit reflects its dedication to embracing newcomers in the industry.
He further stated that Tether’s support for Oobit is based on a shared goal to promote the extensive acceptance of cryptocurrencies worldwide.
“Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Orbit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide,” said Ardoino.
Oobit’s Mobile App Available for Android and iPhone Users
As one of the leading native crypto payment companies in Singapore, Oobit allows digital assets traders and holders to tap & pay at over 100 million retailers around the world using its mobile application. These retailers accept major credit card providers such as Visa and Mastercard.
The move enables merchants to embrace digital assets as a mode of payment effortlessly, offering customers a convenient way to conduct transactions using their crypto holdings.
In the future, Oobit plans to upgrade its mobile app to enable users to conduct digital asset payments while ensuring that merchants seamlessly receive fiat currency in exchange, mirroring the simplicity of traditional credit card transactions.
Users can download the mobile app from the Apple App Store and Google Play Store. The company said the app could be linked directly to Oobit’s native blockchain wallet to facilitate payments using Tether USD (USDT), Bitcoin (BTC), and a host of other cryptocurrencies.