Tether-Backed Oobit Adds Crypto-to-Bank Transfers
Oobit now allows users to transfer supported crypto assets directly into bank accounts via local payment rails like SEPA and ACH.Summary
Crypto payment provider Oobit has introduced crypto-to-bank transfers, enabling users to send supported digital assets from self-custody wallets for deposit into bank accounts using local payment networks such as SEPA (Europe), ACH (US), and SPEI (Mexico). Settlement currencies include USD, EUR, Mexican pesos, and Philippine pesos, with supported assets including BTC, ETH, and various stablecoins like USDT. Oobit differentiates itself by embedding the transfer flow natively within its app, avoiding external off-ramps, and focusing on self-custody wallets. The feature is powered by infrastructure from Distributed Technologies Research (DTR), which is set to be acquired by Bakkt. Oobit, which is backed by Tether, stated that the process involves Oobit converting crypto to USD, transferring USDT to DTR for foreign exchange conversion, and then settling the local fiat currency into the recipient's bank account.
(Source：Cointelegraph)