Oobit token soars 31% after securing $25 million in funding led by Tether

Singapore’s Oobit, a mobile payment app, experienced a remarkable 31% surge in its native OBT token following a successful Series A funding round that raised $25 million, attracting key stakeholders, including Tether.

Per CoinMarketCap data, the OBT token’s value peaked at $0.1034, witnessing an impressive 35,000% surge in trading volume, reaching $2.51 million post-announcement.

The OBT token has multiple uses within Oobit’s ecosystem, including user rewards, transaction fees, and internal payments. The asset has a total supply of 1 billion tokens.

Tether leads Oobit’s  $25 million funding.

According to a Feb. 5 statement shared with CryptoSlate, Oobit’s funding round was led by Tether’s investment arm, and other prominent players like Hong Kong-based venture capital firm CMCC Global’s Titan Fund, technology investment firm 468 Capital, and Anatoly Yakovenko, co-founder of the Solana blockchain network.

Oobit’s funding would be directed toward integrating external wallets and expediting the development of a Web3 gateway.

The mobile platform allows users to conduct crypto transactions at over 100 million global retailers via the platform’s integration with payment giants Visa and Mastercard. Oobit fosters crypto adoption among businesses and provides users with a convenient means of utilizing their digital assets for transactions.

“Future updates to Oobit will enable customers to make crypto payments while ensuring that merchants seamlessly receive fiat currency in return, mirroring the simplicity of customers paying with a credit card,” part of the statement reads.

Paolo Ardoino, the CEO of Tether, expressed the significance of the investment in Oobit, highlighting their commitment to welcoming new users into the crypto ecosystem.

“Our support 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,” Ardoino added.