Tether-backed crypto payments service provider Oobit has announced that it has applied for a license of operation in the United Arab Emirates (UAE). The platform also said that in line with the development, it is looking to set up shop in Abu Dhabi.
According to its statement, the firm wants to take advantage of the thriving Middle Eastern market. “We’re thrilled to announce that we have officially applied for a Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework. This step marks our commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment,” the statement read.
Aharon Miller, the COO of Oobit noted that the move will foster trust while helping global adoption. “Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” he said.
Oobit set for global expansion ADGM license
Oobit’s ADGM license is in line with the firm’s plans to provide a trusted and seamless crypto ecosystem. The license will provide the firm with a bigger audience than it has been exposed to in the past. According to the announcement, Oobit is not only looking to enter the market, it wants a location that shares the same vision about the future of the financial landscape.
Oobit leverages its integration with Mastercard and Visa to enable users to tap and pay with their Oobit app across 100 million locations, mirroring the same model with Apple Pay. The crypto-to-fiat initiative allows users to use digital assets for everyday purchases, without worrying about security, speed, and convenience.
The platform raised $25 million in a Series A funding led by Tether. Tether CEO Paolo Ardoino expressed his satisfaction with the company’s support of the venture, highlighting its dedication to the crypto sector. “Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem,” Ardoino said.
In addition, Ardoino added that Tether’s support of Oobit stems from their mutual vision to push crypto adoption globally. “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,” he added.
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