Oobit Token Surges 31% After Securing $25 Million Funding Led by Tether

Singapore's Oobit, a mobile payment app, witnessed an impressive 31% surge in its native OBT token following a successful Series A funding round that raised $25 million. The funding, led by Tether's investment arm, attracted key stakeholders, including CMCC Global's Titan Fund, 468 Capital, and Solana blockchain network co-founder Anatoly Yakovenko.

Token Performance and Funding Impact

CoinMarketCap data reveals that the OBT token's value peaked at $0.1034, experiencing a remarkable 35,000% surge in trading volume, reaching $2.51 million post-announcement. The OBT token, integral to Oobit's ecosystem, serves various purposes, including user rewards, transaction fees, and internal payments, with a total supply of 1 billion tokens.

Key Players in Funding Round

Tether, a prominent player in the crypto space, led the $25 million funding round, emphasizing their commitment to supporting projects that drive global cryptocurrency adoption. Other notable participants included CMCC Global's Titan Fund, 468 Capital, and Anatoly Yakovenko, reflecting diverse support from the investment community.

Oobit's Expansion Plans

Oobit plans to utilize the funds to integrate external wallets and accelerate the development of a Web3 gateway. The platform facilitates crypto transactions at over 100 million global retailers through its integration with Visa and Mastercard, fostering crypto adoption among businesses. Future updates aim to enable users to make crypto payments seamlessly, ensuring merchants receive fiat currency in return.

Tether's Perspective on Oobit's Significance

Paolo Ardoino, CEO of Tether, highlighted the strategic importance of investing in Oobit, emphasizing their shared vision to drive widespread cryptocurrency adoption globally. Ardoino sees Oobit as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.

In Summary:

Oobit's OBT token experiences a significant surge following a $25 million funding round led by Tether. The funds will be directed towards enhancing Oobit's capabilities, including the integration of external wallets and the development of a Web3 gateway. The investment underscores Tether's commitment to fostering global cryptocurrency adoption and supporting innovative projects in the space.