Singapore’s Oobit receives $25 million funding from investors, mainly cryptocurrency firm Tether

Oobit, Singapore-based mobile payment app, revealed that it has raised $25 million to boost the use of cryptocurrencies as a payment method.

Oobit, a Singapore-based mobile payment app, announced on Monday that it had raised $25 million in a funding round as part of its aspirations to increase the usage of cryptocurrencies as a form of payment.

Investors in the Series A funding round included Tether’s investment arm, Hong Kong-based venture capital firm CMCC Global’s Titan Fund, technology investment firm 468 Capital, and Anatoly Yakovenko, co-founder of US technology company Solana, according to an Oobit release.

According to Tether CEO Paolo Ardoino, the investment in Oobit “underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem.”.

Beyond its key markets of the European Union and the United Kingdom, Oobit plans to grow into regions such as Asia Pacific, the United Arab Emirates, Canada, and Australia. The funds will be used to focus on integrating external wallets and advancing the development of a Web3 gateway.

Web3 refers to a decentralized version of the internet that uses blockchain technology.

Oobit’s app, which was launched in 2017, allows cryptocurrency holders to tap and pay at over 100 million businesses worldwide that accept Visa and Mastercard, while merchants earn fiat currency, according to the company.

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