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

Today, Tether has announced its leadership in a Series A funding round worth $25 million for the cryptocurrency mobile payments application, Oobit. This funding infusion will contribute to Oobit’s ongoing development.

The Oobit mobile app empowers users to make purchases of goods and services using their cryptocurrency holdings. This versatile application is accepted at over 100 million retail locations that also welcome Visa and MasterCard payments.

In an upcoming update, Oobit plans to facilitate a seamless conversion of customer-held cryptocurrency into fiat currency for merchants. Paolo Ardoino, CEO of Tether, expressed his company’s commitment to assisting Oobit in attracting new cryptocurrency users. He explained that Tether’s support is rooted in a shared vision to promote the widespread adoption of cryptocurrencies worldwide. In Ardoino’s perspective, Oobit serves as a catalyst, removing obstacles and enabling smooth transactions for cryptocurrency holders across the globe.

Oobit is available for download on both the Apple App Store and Google Play Store, offering payment options through Tether, Bitcoin, Ethereum, XRP, and various other leading cryptocurrencies.

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

Tether has cash to splash

Tether, the dollar-pegged stablecoin, currently holds the top spot in market capitalization, boasting a substantial $96 billion with its USDT pegged to the US dollar.

A fourth-quarter attestation report from 2023 reveals that the company accrued a profit of $6.2 billion in the previous year. A significant portion, $4 billion, was generated through investments in US Treasuries, reverse repurchase agreements, and money market funds. These assets serve as a guarantee to maintain the value of each coin at $1 USD.

According to a recent tweet by CEO Ardoino, Tether’s surplus equity now comfortably surpasses the previously criticized $4.8 billion in secured loans. Additionally, Ardoino asserts that 90% of the USDT in circulation is backed by “cash and cash equivalents.”

However, despite its evident market dominance, concerns have arisen. A recent report from JP Morgan expressed apprehensions about the offshore company’s “lack of regulatory compliance and transparency,” suggesting that it could pose a potential risk to the market.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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