Oobit Team (company pic)
Oobit, an Israeli startup that offers a mobile payments app for cryptos (Cryptocurrency), raised $25 million in a Series A round of funding led by the investment arm of Tether, CMCC Global’s Titan Fund, 468 Capital and Solana co-founder Anatoly Yakovenko, to advance the adoption of cryptocurrencies as a means of payment.”
Cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Since then, thousands of other cryptocurrencies have been created.
Cryptocurrencies are often traded on decentralized exchanges and can be used to purchase goods and services online. However, they are also highly volatile and speculative investments. The value of a cryptocurrency can fluctuate significantly over short periods of time.
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But they are highly controversial for a number of reasons. The anonymity that cryptos provide make them popular for use by criminals for making payments and transferring funds around the world. And cryptocurrencies are not regulated, so there is no way to know what goes on behind the scenes.
With stocks and bonds, government agencies like the FTC require full disclosure as to who is doing the buying and selling and how much is actually bought and sold. But with cryptos there are businesses that secretly own multiple “banks” where people can hold their currencies. Since the cryptos are “virtual” and not real, owners need a place to keep them. But there is no way to determine whether or not trades in the various currencies are actually happening. And the owner of multiple crypto exchanges can buy and sell currencies that he owns, thereby driving up their price without actually selling or buying anything.
And then there are all of the scandals involving firm’s like Sam Bankman-Fried’s FTX. It’s just too easy for the people who run the exchange sites to use other people’s accounts.
All of the above leads to the volatility of cryptocurrencies and makes it difficult to know their true value.
Founded in 2017 by CEO Amram Adar and COO Aharon Miller, Oobit provides “in-store payments with crypto” with an “Apple Pay” experience. Oobit says that it “makes it easy” to buy Bitcoin, Ethereum, and over 35 other popular cryptocurrencies in minutes.
Using Oobit, crypto holders can Tap & Pay at over 100 million retailers across the globe, anywhere Visa and Mastercard are accepted, similar to using Apple Pay.
Oobit’s Co-founder and CEO, Amram Adar said, “with the backing of industry leaders this funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere. Enabling direct payments while ensuring that users retain control over their funds, aligning with Oobit’s belief and vision for a user-centric financial future.”
