In a recent move to bridge the gap between cryptocurrency and everyday transactions, Tether has injected $25 million into the mobile payment service Oobit. This investment marks a significant step in making digital currencies a commonplace in retail transactions across the globe.

Oobit is leading the charge in revolutionizing the interaction between cryptocurrency holders and physical retailers. By integrating with Visa and Mastercard networks, the platform is set to empower over 100 million retailers worldwide to accept crypto payments seamlessly.

Paolo Ardoino, Tether’s newly minted CEO, has heralded the Series A funding as a clear indicator of the company’s dedication to expanding the cryptocurrency community. This initiative complements Tether’s recent strategic efforts, including the launch of Tether Edu—an educational program aimed at bolstering web3 and blockchain competencies among its users.

Tether is not only making strides in market expansion but also in financial performance. The company reported a staggering $2.8 billion net profit for Q4 2023 and a notable increase in USDT’s excess reserves, setting a new record for the stablecoin leader.

Available for download on both the Apple App Store and Google Play, the Oobit app integrates a native blockchain wallet, which supports transactions in Tether, Bitcoin, and other digital currencies, making it a versatile tool for crypto enthusiasts.

The latest funding round for Oobit has attracted attention from prominent figures in the industry. Notable investors include CMCC Global’s Titan Fund and 468 Capital, among others, indicating a strong vote of confidence in Oobit’s potential to transform the crypto payment landscape.