Tether backed Oobit seeks license in UAE

Crypto payments service provider Oobit, backed by Tether, Solana and others has announced that they are seeking a license in the UAE and will be setting up an office in Abu Dhabi.

As per their blog post, “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.”

“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,” said Aharon Miller, COO of Oobit.

The company will also establish an office in Abu Dhabi UAE, given the growth the UAE has seen in terms of cryptocurrencies, as well as the forward looking regulation, and its strategic location as the gateway between the MENA region and Asia.

ADGM license will offer Oobit with market expansion

Oobit’s license in ADGM in the UAE is part of their vision for creating a seamless and trusted crypto ecosystem.

Being licensed in UAE by ADGM will allow Oobit to offer innovative services to a wider audience. As per the blog it is not just about entering a new market but also about aligning with a jurisdiction that shared a vision of the future of finance in a regulated ecosystem using blockchain technology.

By integrating Visa and Mastercard’s global network, Oobit enables users to Tap & Pay with their Oobit app at over 100 million locations worldwide, just like using Apple Pay. This seamless crypto-to-fiat payment solution empowers individuals to use their crypto assets for everyday transactions, without compromising on speed, security, or convenience.

In February 2024, Oobit 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.”

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