**Tether Leads $25 Million Investment Round for Oobit, a Crypto Payments Firm**
Tether has taken the lead in a $25 million investment round for Oobit, a mobile payments firm enabling cryptocurrency transactions. The funding round also saw participation from CMCC Global, 468 Capital, and Solana co-founder Anatoly Yakovenko. According to the stablecoin issuer, the investment will support Oobit’s ongoing development as it aims for broader adoption within the mainstream market.
Anatoly Yakovenko, co-founder of Solana, also backed Oobit’s investment round, reinforcing confidence in the platform’s potential.
Oobit’s innovative approach allows users to seamlessly pay for goods and services using cryptocurrencies at over 100 million retail points worldwide. Additionally, the platform’s Tap & Pay feature, which accepts Visa and Mastercard, utilizes NFC (near-field communication) for convenient contactless payments. This feature allows merchants to convert crypto to fiat in real-time through tokenized payments.
The investment news has resulted in a substantial surge in the price of Oobit’s native token (OBT), which soared by over 30%, reaching a high of $0.105.
This strategic investment emphasizes Tether’s commitment to expanding the cryptocurrency ecosystem, as stated by Paolo Ardoino, CEO of Tether. He highlighted the shared vision of driving global cryptocurrency adoption, positioning Oobit as a catalyst for breaking down barriers and facilitating seamless transactions for crypto holders worldwide.
Source: [Coinjournal](https://coinjournal.net)
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**FAQ**
1. What is Oobit?
Oobit is a mobile payments firm that facilitates cryptocurrency transactions, enabling users to pay for goods and services using various cryptocurrencies at over 100 million retail points globally.
2. What is the significance of Tether’s investment in Oobit?
Tether’s investment in Oobit signifies its dedication to promoting the widespread adoption of cryptocurrencies on a global scale and breaking down barriers for crypto users.
3. How does Oobit’s Tap & Pay feature work?
Oobit’s Tap & Pay feature accepts Visa and Mastercard, utilizing NFC (near-field communication) for convenient contactless payments and allowing merchants to convert crypto to fiat in real time through tokenized payments.
4. Who else participated in Oobit’s investment round?
Aside from Tether, CMCC Global, 468 Capital, and Solana co-founder Anatoly Yakovenko also participated in Oobit’s investment round.