Oobit: A Crypto Payment App That Rivals Apple Pay
Oobit is a mobile payment app that allows users to pay with crypto in any store that accepts contactless payments. The app, which launched in 2022, has recently raised $25 million in a Series A funding round led by Tether, the issuer of the largest stablecoin in the world.
What is Oobit?
Oobit is a Singapore-based company that aims to bridge the gap between crypto and traditional payments. The app enables users to pay with crypto in-store, online, and globally, using funds from their Oobit wallet or any third-party wallet that supports the app.
Oobit supports over 35 popular cryptocurrencies, including Tether, Bitcoin, Ethereum, and Solana. Users can also buy and sell crypto within the app, as well as send and receive crypto from friends.
Oobit claims to offer a crypto payment experience that is as convenient and smooth as Apple Pay, utilizing existing Visa and Mastercard point-of-sale systems while ensuring merchants receive fiat currency. The app also eliminates network and gas fees for crypto payments, making them more affordable and accessible.
How does Oobit work?
To use Oobit, users need to download the app for iPhone or Android, create an account, and add funds to their Oobit wallet. Users can then tap their phone on any contactless terminal to pay with crypto. The app automatically converts the crypto to fiat at the best available rate and transfers it to the merchant.
Users can also pay with crypto online by scanning a QR code or entering a recipient's address. Additionally, users can pay anyone in the world with crypto by sending it to their phone number or email address.
Oobit also allows users to connect their third-party wallets to the app, such as MetaMask, Trust Wallet, or Ledger. This way, users can pay with crypto without having to transfer their funds to Oobit's custodial wallet.
Why is Oobit important?
Oobit is one of the few crypto payment apps that offer a tap-and-pay feature that works with existing payment infrastructure. This makes it easier for users to adopt crypto as a form of payment in their daily lives, without having to worry about compatibility issues or technical hurdles.
Oobit is also backed by some of the leading names in the crypto industry, such as Tether, Solana, and Fireblocks. This gives it credibility and access to resources that can help it scale and improve its service.
Oobit's vision is to make crypto payments mainstream and accessible to everyone. By offering a simple, fast, and secure way to pay with crypto anywhere, Oobit hopes to promote the adoption and use of digital assets around the world.
References
- [Oobit - Pay with crypto](https://www.oobit.com/)
- [Crypto Payments App Oobit Raises $25M in Series A Funding Round Led by Tether](https://www.coindesk.com/business/2024/02/05/crypto-payments-app-oobit-raises-25m-in-series-a-funding-round-led-by-tether/)
- [Oobit Launches a Revolutionary Crypto Payment App](https://newsroom.oobit.com/oobit-launches-revolutionary-crypto-payments-app/)
- [Crypto Payment App, Oobit, Announces Fireblocks Integration Ahead of European Launch](https://www.globenewswire.com/news-release/2023/06/22/2692684/0/en/Crypto-Payment-App-Oobit-Announces-Fireblocks-Integration-Ahead-of-European-Launch.html)
- [Tether Leads $25M Series A Round for Crypto Payments App Oobit](https://www.nftgators.com/tether-leads-25m-series-a-round-for-crypto-payments-app-oobit/)