Tether-backed crypto payments app Oobit unlocks global bank transfers

Tether-backed global payments app Oobit has unlocked wallet transfers to “any bank account worldwide,” according to an announcement on Tuesday.

The new feature will be powered by Distributed Technologies Research, a routing infrastructure provider that acts as a “portal’ between crypto and banking rails, according to the press release.

“When a user sends crypto, they see in real time exactly how much crypto leaves their wallet and how much arrives in the recipient’s bank account, no hidden conversions, no surprise fees,” the firm said. “After entering recipient details and confirming, the transaction settles in seconds through local payment rails.”

These payment rails include SEPA in Europe, ACH in the U.S., and SPEI in Mexico, initially supporting USD, EUR, MXN, and PHP fiat currency transfers, and BTC, ETH, USDT, XRP, BCH, LTC, DOGE, TRX, USDC, ADA, BNB, SOL, XLM, XTZ, SHIB, TON, XAUT, AVAX, BONK, TRUMP, USDR, EURR, KAIA, and EURC on the crypto side, with more markets expected soon, according to a spokesperson.

The setup allows Oobit transfers to bypass the cross-border correspondent banking system, according to the announcement.

Bakkt, Inc. (NYSE: BKKT), the B2B2C turnkey crypto infrastructure provider backed by NYSE parent Intercontinental Exchange, has agreed to acquire DTR. Akshay Naheta is the founder and CEO of DTR and CEO of Bakkt.

Oobit previously partnered with Bakkt to expand across all 50 states.

Founded in 2017, Oobit provides a tap-to-pay feature that integrates with non-custodial wallets like Base, Binance, MetaMask, and Phantom to enable purchases on iOS and Android devices. Merchants receive instant fiat payouts through existing Visa rails.

“Infrastructure connecting digital asset platforms with traditional financial systems is foundational to broader adoption,” Naheta said. “DTR’s integration with Oobit highlights how this infrastructure supports settlement through established financial networks, enabling simpler payment experiences across digital and traditional assets.”

The payments startup raised a $25 million Series A led by stablecoin giant Tether. In November, Malaysia-based technology consulting services firm VCI Global (VCIG) announced a $100 million investment in OOB tokens and plans to manage Oobit’s digital treasury, in an arrangement that would make Tether a major stakeholder in VCI, it said at the time.