Because the cryptocurrency business has matured, we’ve seen many constructive developments taking place within the sector. The rising markets for crypto-backed derivatives, alternatives for passive revenue by means of lending apps and staking, and an explosion of stablecoins serving to to offset the dangers of volatility are only a few.
Nevertheless, even with all this progress, there may be nonetheless a lot of friction for the typical Joe attempting to navigate the crypto house.
For newcomers, specifically, it may well appear significantly complicated to have to use one platform for changing to crypto from fiat, then get verified on a second platform to allow them to ship funds to purchase a specific altcoin.
Not solely that, however customers even have to determine between a large number of exchanges, with none actual transparency into which platform gives one of the best worth. Spending crypto additionally continues to be an issue, as a result of even now, not many retailers are keen to settle for cost in such a risky medium.
It’s this set of advanced issues – and extra – that Oobit is aiming to handle with a multi-featured platform designed to act as a single gateway to the cryptocurrency house. Oobit’s imaginative and prescient is to make it quick, easy, and safe to purchase, promote, and commerce crypto.
Historical past of Oobit
Oobit was began in 2017, with the preliminary purpose of making a peer-to-peer buying and selling group the place customers may securely commerce Bitcoins with each other, comparable to LocalBitcoins. Nevertheless, moderately than limiting customers to buying and selling solely with these of their location, Oobit needed to turn out to be a worldwide platform to join these wishing to commerce.
The firm rapidly realized that there was a much bigger alternative to unlock cryptocurrency liquidity swimming pools throughout all the ecosystem. Subsequently, it expanded from the preliminary imaginative and prescient to create a web-based platform that goals to carry visibility and belief to contributors within the cryptocurrency house.
Oobit partnered with Coinbase for the availability of safe custody providers underpinning its accounts and wallets.
Options of Oobit
Every of Oobit’s options is designed to resolve current points within the cryptocurrency sector, making it simpler for merchants to entry liquidity.
Oobit Hunter is the characteristic of the platform that introduces “Skyscanner” capabilities to the cryptocurrency house. Like Skyscanner, it means customers can browse the costs of cryptocurrencies throughout completely different buying and selling venues and P2P sellers. Subsequently, merchants might be certain they’re all the time getting one of the best worth, significantly as a result of Oobit additionally components within the alternate charges, so the worth you see on display screen is the worth you’ll pay.
Oobit Hunter additionally permits you to filter by standards such because the alternate charge and vendor score. It makes use of an AI algorithm to guarantee customers obtain a suggestion that finest matches their particular person circumstances and desire, together with location, charges, and different components.
Oobit P2P is the peer-to-peer market part permitting customers to seek for cryptocurrency consumers and sellers anyplace on the earth. It’s a comparable service to LocalBitcoins, besides that Oobit P2P is built-in into the opposite options of the Oobit platform, equivalent to Oobit Hunter, as described above.
When two merchants agree to a specific transaction utilizing Oobit P2P, the service will maintain funds in escrow till the events agree that they are often launched to their counterparts.
Oobit Go is a KYC verification service that permits customers to full KYC as soon as, after which they will bypass doing a number of verifications every time they use a brand new alternate. The person will merely present their Oobit Go credentials to the alternate, which can permit them to begin buying and selling instantly.
Oobit Go is a complement to the Oobit Hunter service, because it implies that customers can merely discover the worth they need on Oobit Hunter and purchase instantly, with out the added friction of having to do one other KYC verification. It makes use of military-grade encryption, together with OCR and facial recognition to make onboarding as quick as doable.
Oobit xMap creates a bridge between retailers and the cryptocurrency ecosystem. Utilizing the map, customers can seek for retailers accepting cryptocurrencies, Bitcoin ATMs, or native exchanges of their area. Companies wishing to settle for cost in cryptocurrencies can leverage the xMap software to achieve this by linking their pockets into the Oobit platform.
The xMap characteristic can be built-in with Oobit P2P in order that customers can seek for crypto consumers or sellers of their location.
The Oobit pockets gives a secure and safe means for Oobit customers to retailer their BTC utilizing Coinbase’s safe custodial platform. Though the entrance finish is built-in into the Oobit ecosystem and operated by Oobit, the person’s funds are held securely with Coinbase which means Oobit by no means takes custody of them.
Oobit plans to roll out help for extra cryptocurrencies for the pockets characteristic very quickly.
Oobit Direct permits customers to buy cryptocurrency with a bank card. It’s a quick and straightforward approach to onboard customers to the cryptocurrency ecosystem.
Roadmap and Future Developments
Oobit is growing its platform to help extra digital property. It additionally plans to roll out new options over the approaching months. One of these new options is Oobit Pay, which solves the problem of the cryptocurrency spend downside. Customers can apply for an Oobit pay as you go debit card, which they will cost up with crypto after which use it to purchase on a regular basis items and providers. The card shall be low-commission and permit customers to withdraw money from ATMs around the globe.
One other deliberate new service is Oobit C2C – a crypto-to-crypto service supporting 150 digital property and leveraging the Hunter characteristic to ensure customers all the time get one of the best charges.
The OBT token isn’t but reside however can be deliberate as half of the roadmap. Moderately than act as an entry token for the Oobit platform, the OBT token is designed to act as an incentive to draw customers in.
Oobit goals to create an alliance of cryptocurrency ecosystem contributors, equivalent to exchanges and retailers. The idea of the OBT token is that these contributors will present rewards to customers within the kind of OBT tokens once they take explicit actions on the Oobit platform. This may embrace making a cryptocurrency buy from Oobit Hunter, or shopping for items from a service provider and paying with crypto.
To make sure the token retains its worth, Oobit will solely mint a set provide. As soon as OBT tokens begin being given to customers as rewards, a diminishing circulating provide will assist to drive worth.
The Oobit workforce combines expertise in enterprise capital, advertising and marketing, buying and selling, enterprise improvement, and numerous applied sciences, together with AI and knowledge science.
Moshe Schlisser, Chairman, has been energetic within the enterprise capital and personal fairness house for the final ten years. He served as MD and managing accomplice on two funding funds earlier than co-founding his personal funding firm, Shefa Capital. He at the moment serves on the board of administrators of a number of know-how companies.
Eric Tune is Oobit’s Chief Strategist, with 20 years of expertise in equities and futures buying and selling.
CEO and co-founder Amram Adar, and CMO and co-founder Aharon Miller, carry 12 years of advertising and marketing expertise between them, having each managed groups chargeable for improvement, design, and enterprise analytics.
Whereas Oobit’s targets seem to be bold, the corporate is making a platform the place every element works to complement the others. This holistic method means it has a powerful probability of cross-fertilizing customers all in favour of completely different components of the platform. Finally, success will rely on gaining a ample important mass of customers and contributors. If it may well pull this off, there’s each probability that newcomers to the crypto house may have a smoother onboarding expertise sooner or later.