Oobit Mobile Payment App Integrates with TON to Streamline Tether's USDT and XAUt Transactions
Summary:
The Open Network (TON) has integrated the Oobit mobile payment app to streamline transactions with Tether's USDT and XAUt, making it easier for merchants and users. The partnership aims to offer unbanked populations access to top cryptocurrencies and global payment solutions. Tether, operational on 15 blockchains including TON, was an investor in Oobit's Series A funding. Tether is also expanding its investments in different technology fronts, including Georgia-based payment provider, CityPay.io.
With the integration of Oobit mobile payment app on The Open Network (TON), it has become effortless to manage transactions involving Tether’s USDT and XAUt, significantly simplifying user experience for merchants. The Tether (USDT) and Tether Gold (XAUt) were launched on TON in April. The price of XAUt aligns with the cost of one fine troy ounce of gold. On TON, over $200 million worth of USDT has been issued; users also have the ability to transfer USDT through Telegram messages. With 900 million users globally, Telegram has a vast user base. The TON network supports its native Toncoin (TON) along with USDT and XAUt.
Besides TON, USDT has been issued on 14 different blockchains, which include Tron and Ethereum, and recently joined the Celo network in March. Oobit's unique Tap & Pay feature enables merchants to accept payments in fiat currency even when the payment is made in USDT. In a statement to Cointelegraph, Tether CEO Paolo Ardoino said, "Together, we aim to offer banking solutions to those without bank access and transform the way users deal with cryptocurrencies, striving for simplicity and convenience."
In Oobit's Series A funding round held in February, Tether was among the key investors, helping generate $25 million. Solana also invested in the round. With the integration of Tether and TON, Oobit CEO Amram Adar stressed the inclusive nature of the collaboration, he said, "Our goal is beyond just another payment alternative; we want to provide the unbanked with the top cryptocurrencies and global payment solutions through Oobit."
In April 2022, Oobit launched its first crypto-to-fiat mobile app, and in September 2023, the Tap & Pay feature using Near Field Communication (NFC) technology was introduced. In March, Oobit incorporated VeChain’s VET coin.
Tether has been diversifying its efforts. In May, it augmented its investment in Georgia-based payment provider CityPay.io, intending to broaden to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Tether had made its initial investment in CityPay.io back in May 2023.
Published At
5/16/2024 4:00:00 PM
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