Connect with us

Hi, what are you looking for?

Economy

Tether Leads Crypto Mobile App Oobit’s $25 Million Series A Funding

Tether announced today that it led a $25 million Series A funding round for crypto mobile payments app Oobit.

Crypto’s biggest stablecoin issuer said the funding will contribute to Oobit’s ongoing development.

The mobile app enables users to tap and pay for goods and services with their crypto. Customers can use it at over 100 million retailers that accept Visa and MasterCard.

According to the press release, a planned Oobit update will enable merchants to seamlessly convert customer crypto into fiat.

Tether CEO Paolo Ardoino said in the statement that his company wants to help Oobit onboard new crypto users. To that end, he says Tether’s backing is “founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”

Oobit is available on both Apple App Store and Google Play. It enables payments via Tether, Bitcoin, Ethereum, XRP and other leading cryptocurrencies.

Other notable investors in this funding round include CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

Tether has cash to splash


The dollar-pegged Tether is the largest stablecoin by market capitalization, currently commanding a mighty $96 billion with its dollar-pegged USDT.

According to a 2023 fourth quarter attestation report, the company profited $6.2 billion last year. US Treasuries, reverse repurchase agreements and money market funds generated $4 billion of it. Tether holds these assets to ensure the value of each coin remains $1 USD.

Tether’s excess equity now more-than-covers the company’s previously criticized $4.8 billion in secured loans according to a recent tweet by Ardoino. The CEO also claims that “cash and cash equivalents” back 90% of the USDT in circulation.

The company’s clear market dominance has some worried, though. A recent report by JP Morgan said the offshore company’s “lack of regulatory compliance and transparency” poses a potential risk to the market.

The post Tether Leads Crypto Mobile App Oobit’s $25 Million Series A Funding appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Alfa-bank, one of Russia’s biggest financial institutions, has created a “digital financial asset” (DFA) backed by gold, stocks, and cash. Per an Alfa-bank press...

Economy

AfreecaTV BJ (broadcast jockeys) stars have become the latest targets of increasingly sophisticated South Korean crypto scammers. Asia Kyungjae reported that the Seoul Central...

News

President Joe Biden is 81 years old, setting a record as the oldest president in history. The following is a list of celebrities who...

News

President Joe Biden is 81 years old, setting a record as the oldest president in history. The following is a list of celebrities who...

News

With eight months until Election Day, former President Trump carries voters who say either the economy or immigration is their priority voting issue, and...

News

With eight months until Election Day, former President Trump carries voters who say either the economy or immigration is their priority voting issue, and...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.