The issuer of the largest stablecoin by trading volume, Tether has invested in Oobit to enhance cryptocurrency adoption. The development surfaced on Monday via an official blog post. In the post, Tether disclosed that it participated in the Series A funding round that saw Oobit acquire $25 million worth of investment from various organizations.
As announced, industry leaders and strategic investors like CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana all participated in the funding round. More so, Tether revealed that the investment surfaced as part of its commitment to ensuring the global adoption of cryptocurrency.
Meanwhile, Oobit will leverage the funds to ensure more visibility for its services and push the mainstream adoption of cryptocurrency. The platform is a mobile payment solution that allows crypto holders to “tap and pay” at more than 100 million retailers across the globe. The solution focuses on ensuring the seamless embracement of virtual assets as a form of payment by merchants. Furthermore, Oobit allows users to conveniently use their virtual assets for payments.
According to the blog post by Tether, in the long run, Oobit will introduce features that will allow merchants to receive fiat through crypto payments made by the users of the application. With that, the firm intends to mirror the “simplicity of customers paying with a credit card.” Likewise, users can connect the Oobit application to its native blockchain to make payments with virtual assets like Tether, Bitcoin, and many others.
How Tether Has Intensified Efforts to Onboard More Users to the Cryptocurrency Landscape
The Chief Executive Officer (CEO) of Tether, Paolo Ardiono described what the investment means for the stablecoin issuer. According to the CEO, the strategic investment underlines Tether’s focus on onboarding more users into the cryptocurrency landscape. Additionally, Paolo Ardiono said the support for Oobit is “founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale.”
Similarly, the CEO explained how Oobit can be instrumental in achieving the goal. Paolo Ardiono said the platform “stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.” In recent times, Tether has partnered with various companies to fast-track the mass adoption of cryptocurrency.
In August 2023, the stablecoin issuer collaborated with 3Achain to grow the adoption of blockchain in Lugano, Switzerland. According to a Binbits report, the partners enjoyed the support of private and public firms to improve the security, scalability, and decentralization of Lugano’s blockchain. Consequently, the effort improved the adoption of Blockchain in the city.