Tether-backed crypto payments app Oobit unlocks global bank transfers

Tether-backed global payments app Oobit has launched a new feature allowing users to send cryptocurrency for direct transfers to any bank account worldwide, bypassing the correspondent banking system. This functionality is powered by Distributed Technologies Research (DTR), an infrastructure provider that connects crypto and banking rails. Transactions settle in seconds using local payment rails like SEPA, ACH, and SPEI, supporting initial fiat currencies USD, EUR, MXN, and PHP, alongside numerous cryptocurrencies including BTC, USDT, and XRP. DTR's founder and CEO, Akshay Naheta, is also the CEO of Bakkt, which has agreed to acquire DTR. Oobit previously raised a $25 million Series A led by Tether and integrates with non-custodial wallets like MetaMask and Phantom.

(Source：The Block)