Oobit’s UAE Move: A New Era for Crypto Trading Platforms

Oobit, a crypto payments service provider backed by Tether, Solana, and others, is seeking a license in the UAE and setting up an office in Abu Dhabi.

Oobit is stepping into the spotlight with its expansion into the UAE. This region is rapidly becoming known for its favorable regulatory environment and strategic position. With a new office in Abu Dhabi and an application for a Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM), Oobit is set to shake things up on the crypto market platform. This initiative, backed by Tether and Solana, aims to integrate traditional payment networks, pushing for global crypto adoption. Their vision for a seamless crypto ecosystem raises questions about the future of cryptocurrency trading.

What Does Oobit’s Expansion Mean?

Oobit’s leap into the UAE represents a significant milestone in their quest for a trusted and integrated crypto ecosystem. The UAE, especially Abu Dhabi, is emerging as a key player in the global crypto game, thanks to its regulatory framework and ideal location as a bridge between the MENA region and Asia. Oobit’s move aligns with a broader commitment to trust and innovation in the crypto space.

The Importance of the ADGM License

Securing the ADGM license isn’t just a formality; it’s a crucial step for Oobit. The Abu Dhabi Global Market is recognized for its stringent regulatory standards, providing a secure and transparent foundation for financial services. This license will allow Oobit to roll out innovative services to a larger audience, ensuring compliance and enhancing its operational credibility.

Getting licensed in the UAE by ADGM puts Oobit on the map in a jurisdiction that envisions a regulated ecosystem leveraging blockchain technology. This isn’t merely about tapping into a new market; it’s about setting a standard for other crypto firms eyeing regulated environments.

Bridging Crypto and Traditional Payment Networks

A standout feature of Oobit’s expansion is its integration with Visa and Mastercard’s global network. Users can Tap & Pay with the Oobit app at over 100 million locations worldwide, similar to using Apple Pay. This integration allows individuals to use their crypto assets for day-to-day transactions without losing speed, security, or convenience.

By harnessing traditional payment networks, Oobit builds a bridge between cryptocurrencies and mainstream finance. This move could make crypto a legitimate option for everyday transactions, which might lead to broader adoption.

Tether’s Investment in Oobit

Earlier this year, Oobit secured $25 million in a Series A funding round led by Tether. This investment highlights Tether’s commitment to welcoming new users into the cryptocurrency ecosystem. Paolo Ardoino, CEO of Tether, noted, “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.”

Tether’s backing gives Oobit both financial support and credibility, which are invaluable in the crypto landscape.

Summary

Oobit’s UAE expansion, coupled with a strategic investment from Tether and traditional payment network integration, marks a significant chapter in the company’s journey. The ADGM license enables Oobit to deliver innovative services in a regulated environment, fostering trust and encouraging global crypto adoption. This move sets a standard for other crypto companies considering expansion into regulated markets, showcasing the UAE’s potential as a global hub for cryptocurrency activities.

With continued innovation and growth, Oobit is positioned to play a pivotal role in the future of cryptocurrency trading. Their vision for a seamless and trusted crypto ecosystem aligns with the broader goal of making cryptocurrency a practical option for everyday transactions, potentially leading to wider adoption and transforming the crypto market platform.