Crypto payments provider Oobit, backed by industry giants like Tether and Solana, has announced its intention to expand its global reach by applying for a Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework.
This move signifies Oobit's commitment to the burgeoning Middle Eastern market and its alignment with the UAE's forward-thinking regulatory approach to cryptocurrencies.
"Applying for the ADGM license is a monumental step for Oobit," said Aharon Miller, COO of Oobit. "It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption."
To further solidify its presence in the region, Oobit will also establish an office in Abu Dhabi, leveraging the UAE's strategic location as a gateway between the MENA region and Asia.
Expanding Reach and Enhancing Trust
The ADGM license will empower Oobit to offer innovative services to a wider audience within the UAE. The company emphasizes that this move is not merely about market expansion but also about aligning with a jurisdiction that shares its vision for the future of finance, embracing blockchain technology within a regulated ecosystem.
Seamless Crypto Payments
Oobit has integrated with Visa and Mastercard's global networks, enabling users to make seamless "Tap & Pay" transactions at over 100 million locations worldwide using their Oobit app, similar to Apple Pay. This innovative solution empowers users to seamlessly utilize their crypto assets for everyday purchases without compromising on speed, security, or convenience.
Strong Industry Support
In February 2024, Oobit successfully raised $25 million in a Series A funding round led by Tether.
"Tether's strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem," said Paolo Ardoino, CEO of Tether. "Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide."
January 2025, Cryptoniteuae