Tether, a leading stablecoin provider, has invested $25 million in Oobit, a mobile payment platform that aims to make cryptocurrency more usable for everyday purchases. The investment comes as Tether looks to introduce cryptocurrency to more mainstream users.
Oobit’s app allows users to spend Tether, Bitcoin, and other cryptocurrencies at any of the over 100 million merchants that accept Visa and Mastercard. By integrating with Oobit’s native crypto wallet, the app creates a seamless payment experience using digital assets.
The investment and strategic partnership align with Tether’s recent efforts to drive the adoption and real-world usability of cryptocurrencies. Tether launched an educational program called Tether Edu in January to develop blockchain and web3 skills. The company has also seen strong financial performance recently, reporting a $2.8 billion profit in Q4 2023 amidst rising demand for its USDT stablecoin.
The Oobit funding round included investments from crypto venture funds like CMCC Global’s Titan Fund and 468 Capital. As the new Tether CEO, Paolo Ardoino emphasized the investment as a commitment to introducing new users to crypto and making digital assets usable in everyday transactions.
