Oobit is a mobile application that enables users to make contactless payments at over 100 million retailers worldwide using various cryptocurrencies, similar to traditional payment methods like Apple Pay. The platform addresses the challenge of using digital assets in everyday transactions by allowing instant payments and peer-to-peer transfers, while also offering a rewards program for users.
Funding
$26.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TOFounders
Product
Problem
Despite the growing adoption of cryptocurrencies, using digital assets for everyday purchases remains challenging due to limited acceptance and complex transaction processes. Many crypto holders lack a seamless way to spend their digital assets at traditional retailers.
Solution
Oobit provides a mobile application that enables users to make contactless payments with cryptocurrency at over 100 million retailers worldwide. The platform allows users to connect to any crypto wallet, convert digital assets into fiat currency in real-time, and make payments via tap-to-pay functionality on Android devices. Oobit also supports peer-to-peer crypto transfers, and buying and selling crypto within the app. Users can earn rewards on purchases made through the Oobit platform, incentivizing the use of digital assets for everyday transactions.
Target Audience
Oobit targets cryptocurrency holders who seek a convenient and accessible way to use their digital assets for everyday purchases at a wide range of retailers.
Features
- Tap-to-pay functionality for in-store purchases using Android devices
- Support for a wide range of cryptocurrencies, including Bitcoin, Ethereum, and USDT
- Integration with multiple crypto wallets, allowing users to connect their existing digital asset holdings
- Real-time conversion of cryptocurrency to fiat currency at the point of sale
- Peer-to-peer crypto transfer functionality for sending and receiving digital assets
- In-app crypto buying and selling features
- Rewards program that offers users incentives for spending crypto
- Support for stablecoin payments with 5% cashback on purchases made with USDR and EURR