Oobit Raises $25 Million in a Funding Round Led by Tether, OBT Token Soars 31%

By: Eva Baxter

Singapore-based mobile payment app Oobit, recently witnessed a 31% increase in the value of its native OBT token, post a successful Series A funding round that saw the firm raise $25 million. Key stakeholders like Tether participated in the funding round.

Following the announcement, data from CoinMarketCap indicates a surge in the OBT token's trading volume by 35,000% to $2.51 million, and a high price point of $0.1034. The OBT token, with a total supply of 1 billion, is utilized within the Oobit ecosystem for various purposes such as transaction charges, user rewards, and internal payments.

The funding effort, led by Tether's investment branch, also involved significant contributors like Hong Kong's Titan Fund backed by CMCC Global, tech investment agency 468 Capital, and Solana blockchain's co-founder, Anatoly Yakovenko.

The new funds are expected to contribute to the integration of external wallets and augment the development of a Web3 gateway. Oobit, with partnership from Visa and Mastercard, enables its users to make crypto transactions with over 100 million retailers worldwide. The platform is known to drive crypto adoption and provides a practical solution for businesses and users to employ digital assets for transactions.