Visa payments at Phantom Wallet are now operational via an Oobit integration. Crypto can be spent by 15 million users at businesses across the globe without exchanges or custody stored elsewhere.
Oobit introduced the native functionality of Phantom Wallet, which enabled 15 million individuals to use crypto in any place that accepts Visa. They retain complete possession of their money until the remittance is accepted.
The Tether-backed payments app declared the integration through its DePay platform. According to Coin Bureau on X, this increases the links of Solana to mainstream payment networks and removes the necessity to onboard merchants altogether.
The Phantom users are now able to pay both online and in-store using their wallets. Payments are converted to local currency in real time, and businesses are paid in fiat through the already established Visa infrastructure.
From Holding to Spending
The infrastructure has reached maturity, but crypto spending has remained sparse on a daily basis. Oobit inthe DePay layer bridges that with smart contracts that implement transfers of tokens only as they are authorised.
In an X tweet, Oobit adds that Phantom Wallet can be used anywhere Visa is accepted. It has opened the service in over 80 countries, including the major markets in the United States, Brazil, the Philippines, and South Korea.
Users do not have to pre-load accounts or utilize bridges. Their money is kept in complete control, and transactions are made atomically using the DePay protocol.
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Strategic Backing Strengthens Position
Anatoly Yakovenko, Solana co-founder, co-led Oobit in its $25m Series A, together with Tether, CMCC Global, and 468 Capital. The OOB token was transferred to Solana at the end of last year.
VCI Global, based in Malaysia, invested in OOB tokens to the tune of 100 million and operates the OOB digital treasury. Tether has a lot of vested interests in that arrangement.
This is what Oobit CEO Amram Adar characterized as the beginning of crypto in real life. The platform documents great adoption with stablecoins shifting storage to spending, particularly in Thailand, Brazil, and South Korea.
The integration correlates with merchant acceptance and wallet adoption. Phantom has over 15 million users around the globe, with the majority of them being in areas where Oobit has recently ventured.