A new crypto startup is growing rapidly and has already raised $25 million from institutional investors in a “Seed A” funding round. Tether led the round as a Tier 2 investor, alongside three other venture capitalists (VCs) backing the project.
According to data, on February 5th, Oobit (OBT) conducted a Seed A funding round and raised $25 million. crypto trunk. It attracted attention as the largest virtual currency donation in February ever.
Notably, Tether emerged as a Tier 2 investor in this round. This is followed by CMCC Global in Tier 4, 468 Capital in Tier 5, and angel investor Anatoly Yanovenko. Together they make him the fourth Series A investor to invest his $25 million in Oobit.
What is Oobit and how can I get in touch with the cryptocurrency startup?
Small investors who want exposure to startups can do so through the token OBT. The digital asset runs on Ethereum (ETH) and BNB Chain (BNB), which is considered a utility token for centralized services.
However, holding OBT does not give you any ownership or shareholding rights in Oobit, unlike a decentralized project or stock. Tokens are simply internal currencies that perform certain functions within the platform, such as cashback rewards.
Interestingly, Oobit caught the attention of these institutional investors as a payments-focused cryptocurrency startup. Oobit allows you to use top 10 cryptocurrencies for payments wherever Visa and Mastercard are accepted.
Users deposit these cryptocurrencies into the startup's vaults, allowing for frictionless “tap and pay.” The team promises an experience similar to Apple Inc.'s (NASDAQ:AAPL) Apple Pay feature.
Additionally, Oobit instantly converts cryptocurrencies into fiat currencies at its own centralized exchange rate and delivers the seller's local currency to their bank account.
Tether CEO Paolo Ardoino commented on the company's investment:
“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users to the cryptocurrency ecosystem. It is based on a mutual vision. In our view, Oobit acts as a catalyst to break down barriers and facilitate smooth transactions for crypto holders around the world.”
– Paolo Ardoino
Finally, cryptocurrency users should understand the risks of entrusting the custody of their assets to a third party. Using this cryptocurrency startup service is no different than using a bank or other payment processor, but the startup nature of Oobit may pose higher risks.
Disclaimer: Content on this site should not be considered investment advice. Investments are speculative. When you invest, your capital is at risk.
