Stablecoin giant Tether leads $25 million Series A for Oobit
Why it matters: Tether's Oobit buy-in shows the USDT issuer's ambitions to make crypto useful in the global payments realm.
Catch up fast: Oobit launched in June 2017 to make paying for things with crypto easier.
- Its mobile app contains a tap-to-pay feature, allowing people to pay with funds from their digital wallet at stores that accept Visa or MasterCard.
- It also has a Ethereum-based token called OBT, which passes on rewards and other perks to holders.
What they're saying: "Tether's strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem," Paolo Ardoino, CEO of Tether, said in a statement.
Details: Other investors in the round include CMCC Global's Titan Fund, 468 Capital, and Anatoly Yakovenko, co-founder of Solana.
Of note: This isn't the only startup to bring credit-card like functionality to blockchains. Flexa, for example, was an early entrant to that space.