Oobit, Backed by Tether, Expands to Crypto-to-Bank Transfer

• Tether-backed Oobit has launched crypto-to-bank functionality.
• CEO Amram Adar has clarified how it is different from traditional off-ramp providers.
• It supports select stablecoins, namely USDC, USDT, EURR, and EURC.

Oobit, a crypto payment application, has announced the roll out of the crypto-to-bank transfer functionality. This builds on the existing offering to its users, gaining an edge in the competitive market while remaining different from traditional off-ramp providers. Backed by Tether, Oobit has provided additional crucial information to clarify details about the function.

Crypto-to-Bank Transfer by Oobit

Oobit has announced the expansion of in-store spending and peer-to-peer transfers. The payment app has said that it will now offer the crypto-to-bank transfer functionality by connecting self-custody wallets to local banks. Essentially, the feature moves funds into bank accounts using domestic payment networks.

The new function of Oobit currently supports the US Dollar, euros, Philippine pesos, and Mexican pesos. Supported networks include the Automated Clearing House (the US), Single Euro Payments Area (Europe), and SPEI Network (Mexico).

Supported cryptocurrencies cover Ethereum, Bitcoin, Solana, XRP, and Cardano. This is in addition to stablecoins, namely USDC, USDT, EURR, and EURC, along with Dogecoin, a meme coin.

Oobit CEO Amram Adar Speaks

The CEO of Oobit, Amram Adar, interacted with the media. Amram clarified that the new functionality was different from traditional off-ramp providers as it would keep every core aspect within the ecosystem. Critical elements cover end-user relationship, transaction experience, and wallet custody.

He added that funds of users would be held in the native wallet infrastructure until a bank transfer is initiated. Simply put, every action pertaining to the crypto-to-bank function of Oobit will remain well-within the boundaries of the ecosystem.

Community members have reacted to the development. Some of them have pointed out that it is more about the rails and not just about the application. A few said that the focus is more on seamless movement and settlement of funds.

Information About App Backed by Tether

Oobit has, however, fixed a few criteria around the transfer process. The minimum amount has to be around 10 euros, or $11.70. The maximum limit can go as high as $50,000. The fee structure is a fixed $1 charge or a transaction fee of 1%. This is on top of a 0.5% spread, which applies to the conversion from crypto to the US Dollar.

Distributed Technology Research, or DTR, imposes a fixed fee in the range of 65 cents and 2 euros. Alternatively, it can take a fee based on a percentage between 0.65% and 1%, based on the currency in question. The launch of crypto-to-bank functionality by Oobit has reportedly given it an edge over its competitors in the market.

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