Singaporean company Oobit announced on Monday that it has secured $25 million in funding in a financing round to drive its expansion plans and promote the acceptance of cryptocurrencies as a means of payment.
Among the investors in the Series A financing round were the investment arm of crypto company Tether, the Titan Fund of Hong Kong-based venture capital firm CMCC Global, technology investment firm 468 Capital, and Anatoly Yakovenko, co-founder of US technology company Solana, according to a statement from Oobit.
Paolo Ardoino, CEO of Tether, stated in the announcement that the investment in Oobit“underscores our relentless commitment to welcoming new users into the cryptocurrency ecosystem.”
Oobit stated that it plans to expand beyond its primary markets in the European Union and the United Kingdom into regions such as the Asia-Pacific, the United Arab Emirates, Canada, and Australia. It added that it will utilize the funds to focus on integrating external wallets and accelerating the development of a Web3 gateway.
Web3 refers to a version of the internet that is decentralized and based on blockchain technology.
Founded in 2017, Oobit‘s app enables cryptocurrency holders to shop and pay at over 100 million retailers worldwide that accept Visa and Mastercard, while merchants receive fiat currency, according to the company.