Supported Digital Assets and New Crypto Payment Features

Crypto News

Oobit, a crypto payments application backed by Tether, has added crypto-to-bank transfer functionality that routes funds into bank accounts through domestic payment networks, extending the app’s capabilities beyond in-store spending and peer-to-peer transfers. The feature connects self-custody wallets directly to local banking rails without routing users through external off-ramp interfaces.

Supported payment networks include the Single Euro Payments Area (SEPA) in Europe, the Automated Clearing House (ACH) in the United States, and Mexico’s SPEI network. The settlement currencies cover U.S. dollars, euros, Mexican pesos, and Philippine pesos. Before confirming a transaction, users can see the crypto amount leaving their wallet and the fiat equivalent that will arrive in the recipient’s bank account. The transfer infrastructure is powered by Distributed Technologies Research (DTR), which connects Oobit’s wallet interface to domestic payment networks. Oobit performs the initial crypto-to-USD conversion, transfers the USD equivalent in USDT to DTR, and DTR then handles the foreign exchange conversion into local fiat before settling into the recipient bank account. DTR does not hold funds for investment or discretionary purposes.

DTR recently entered into an agreement to be acquired by Bakkt, a U.S.-listed digital asset platform launched by the Intercontinental Exchange in 2018. Akshay Naheta, DTR founder and CEO of Bakkt, described infrastructure connecting digital asset platforms with traditional financial systems as “foundational to broader adoption.”

Amram Adar, co-founder and CEO of Oobit, said the company’s model differs from traditional off-ramp providers in both custody structure and user flow. “The end-user relationship, wallet custody and transaction experience remain entirely within Oobit,” Adar told Cointelegraph. User funds are held within Oobit’s wallet infrastructure until a bank transfer is initiated, at which point funds are debited and transferred to DTR strictly for payout execution.

Minimum transfer amounts range from approximately 10 euros ($11.70) to a $100 equivalent, depending on the corridor, with maximum limits reaching around $50,000. Oobit’s fee structure applies the greater of a fixed $1 charge or a 1% transaction fee, plus an estimated 0.5% spread on crypto-to-USD conversions. DTR charges either a fixed fee between roughly 65 cents and 2 euros or a percentage-based fee ranging from 0.65% to 1%, depending on the currency.

The launch adds to growing competition in the crypto offramp segment, where exchanges and fintech companies are deepening efforts to convert digital assets into fiat bank deposits. Major payment networks like Visa have rolled out USDC-based settlement, and Stablecore recently joined the Jack Henry Fintech Integration Network, enabling more than 1,600 U.S. banks and credit unions to offer stablecoin services through existing core banking platforms.

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Oobit Expands Crypto Payment Options with New Bank Transfer Feature

Crypto News

In a significant leap for cryptocurrency usability, Oobit, a crypto payments application backed by Tether, has unveiled a new feature that allows users to transfer digital assets directly into bank accounts. This innovative functionality enhances the app’s capabilities, moving beyond mere in-store spending and peer-to-peer transfers.

The new crypto-to-bank transfer feature connects self-custody wallets directly to local banking networks, eliminating the need for external off-ramp interfaces. Supported payment networks include the Single Euro Payments Area (SEPA) in Europe, the Automated Clearing House (ACH) in the United States, and Mexico’s SPEI network. Users can now settle transactions in various currencies, including U.S. dollars, euros, Mexican pesos, and Philippine pesos.

Oobit supports a wide array of digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano, alongside stablecoins such as USDT, USDC, EURC, and EURR, as well as the popular meme coin, Dogecoin. Before finalizing a transaction, users can view both the crypto amount leaving their wallet and the fiat equivalent that will be deposited into the recipient’s bank account.

The transfer infrastructure is powered by Distributed Technologies Research (DTR), which seamlessly connects Oobit’s wallet interface to domestic payment networks. The process begins with Oobit converting crypto to USD, transferring the USD equivalent in USDT to DTR, which then handles the foreign exchange conversion into local fiat before settling the funds into the recipient’s bank account. Notably, DTR does not hold funds for investment or discretionary purposes.

In a recent development, DTR announced an agreement to be acquired by Bakkt, a U.S.-listed digital asset platform launched by the Intercontinental Exchange in 2018. Akshay Naheta, DTR’s founder and CEO of Bakkt, emphasized the importance of connecting digital asset platforms with traditional financial systems, calling it “foundational to broader adoption.”

Amram Adar, co-founder and CEO of Oobit, highlighted the unique aspects of their model compared to traditional off-ramp providers. “The end-user relationship, wallet custody, and transaction experience remain entirely within Oobit,” he stated. User funds are securely held within Oobit’s wallet infrastructure until a bank transfer is initiated.

Transfer amounts are flexible, with minimums ranging from approximately 10 euros ($11.70) to a $100 equivalent, depending on the corridor, and maximum limits reaching around $50,000. Oobit’s fee structure includes either a fixed $1 charge or a 1% transaction fee, plus an estimated 0.5% spread on crypto-to-USD conversions. DTR charges a fixed fee between roughly 65 cents and 2 euros or a percentage-based fee ranging from 0.65% to 1%, depending on the currency.

This launch adds to the growing competition in the crypto off-ramp segment, where exchanges and fintech companies are intensifying efforts to convert digital assets into fiat bank deposits. Major payment networks like Visa have already rolled out USDC-based settlements, and Stablecore has joined the Jack Henry Fintech Integration Network, enabling over 1,600 U.S. banks and credit unions to offer stablecoin services through existing core banking platforms.

As the landscape of cryptocurrency continues to evolve, Oobit’s new feature marks a pivotal moment in making digital assets more accessible and practical for everyday transactions.