Tether Backs Oobit’s Mobile Payment App With $25 Million Investment – Key Factors Revealed

In a recent announcement, stablecoin issuer Tether (USDT) revealed its investment in Oobit, a mobile payment application. The successful conclusion of Oobit’s Series A funding round resulted in $25 million raised, supporting the development of the platform and its mission to facilitate mainstream adoption of cryptocurrencies. 

Bolstering Crypto Adoption? 

According to the announcement, Oobit’s mobile payment app empowers cryptocurrency holders by enabling them to “Tap & Pay” at over 100 million retailers worldwide, with Visa and Mastercard acceptance. 

This integration is expected to allow merchants to embrace digital assets as a form of payment while providing customers different tools and ways to utilize their cryptocurrencies 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.

The company further stated that Tether’s investment arm led the Series A funding round, attracting significant participation from key industry leaders and strategic investors. 

Notable contributors include CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana (SOL).

Paolo Ardoino, CEO of Tether, emphasized the company’s dedication to welcoming new users into the cryptocurrency ecosystem through strategic investments like Oobit. Ardoino stated: 

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. 

“Tether Edu” Unveiled 

In its mission to drive crypto adoption and bolster education within the emerging industry, Tether announced the launch of “Tether Edu.” 

According to a statement released on February 1, Tether Edu is an educational initiative aimed at improving accessibility to digital skills development and promoting self-empowerment while fostering widespread acceptance of cryptocurrencies. 

As announced, Tether Edu will offer a diverse range of educational opportunities. These include hybrid courses, tailored workshops, and masterclass programs covering blockchain education and other digital domains such as design, artificial intelligence, coding, and more. 

Tether Edu’s initiatives will span markets worldwide, mainly focusing on emerging economies in Africa, Latin America, the Middle East, Europe, the Commonwealth of Independent States, and Asia. 

Paolo Ardoino, CEO of Tether, expressed the company’s dedication to driving digital education globally, with a specific focus on empowering emerging markets:

We firmly believe that financial tools, exemplified by USDT, are not merely instruments for transactions but catalysts capable of rewriting economic history. Education stands as the cornerstone of this journey, serving as a linchpin for fostering economic prosperity and sustainable development.

In Ardoino’s view, Tether Edu represents a significant step in Tether’s commitment to global education. He emphasized that educational initiatives like Tether Edu are “enriching minds” and laying the foundations for economic empowerment and prosperity on a global scale. 

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