Oobit's DePay Bridges Crypto, Traditional Payments for Daily Commerce
Oobit, a startup specializing in linking crypto transactions with traditional payment systems, has recently introduced DePay, a wallet-agnostic payment layer. This innovation aims to tackle the 'liquidity paradox' of self-custody, making billions of dollars in idle assets accessible for everyday commerce.
DePay allows users to connect multiple self-custody wallets simultaneously, with initial support for MetaMask, Zerion, and SafePal. The system links on-chain payments to Visa and Mastercard networks, enabling acceptance at over 150 million merchants globally. It converts on-chain crypto settlements into a format compatible with the legacy financial system, allowing acceptance at these merchants worldwide with no additional setup required.
Initially, the platform supports ERC-20 tokens, with plans to integrate additional blockchain networks on a monthly basis. A smart contract executes a gasless, on-chain transaction only after the payment is authorized, eliminating the need for a pre-funded, custodial intermediary account. DePay is operational in markets with established stablecoin adoption, such as Brazil, Argentina, South Korea, and the Philippines.
Oobit's shift to an open infrastructure provider with DePay has the potential to transform wallets into engines of global commerce. By enabling direct crypto spending from self-custody wallets and facilitating acceptance at a vast number of merchants worldwide, DePay is poised to enhance the usability and adoption of cryptocurrencies in daily transactions.
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