Oobit, a cryptocurrency payments platform, has successfully raised US$25 million in a funding round.
The investment was led by Tether, the company behind the USDT stablecoin, and Anatoly Yakovenko, the co-founder of the Solana blockchain.
Oobit seeks to simplify the process of buying, selling, and using cryptocurrency for everyday transactions. The funding will enable the firm to enhance its technology and scale its operations to meet the growing demand for crypto-based payment solutions and regulatory standards.
Both crypto and traditional payments firms have recently made moves to ease users’ access to digital assets.
Last week, web3 payment platform Transak announced a partnership with Visa Direct to streamline cryptocurrency to fiat conversions.