Oobit, a Tether-backed mobile payment app, has integrated Phantom, the leading self-custody wallet for the Solana ecosystem, enabling millions of users to spend crypto directly at Visa-accepted merchants worldwide.
The integration, announced Jan. 14, allows Phantom’s estimated 15 million users to use their self-custody funds for “tap-to-pay” transactions without pre-funding a separate debit card or bridging assets.
This move bridges a critical gap between decentralized finance (DeFi) and traditional commerce. While Solana offers high-speed settlements, using on-chain assets for daily coffee or groceries has historically required cumbersome off-ramps. Oobit’s technology streamlines this by handling the crypto-to-fiat conversion instantly at the point of sale.
- Users connect their Phantom wallet to the Oobit app. When a payment is made via NFC (near-field communication) at a Visa terminal, Oobit’s “DePay” engine deducts the crypto from the user’s wallet, converts it, and settles the transaction in fiat for the merchant.
- Unlike traditional crypto cards where users must load funds onto a custodial account, this integration allows users to maintain full control of their keys until the moment of purchase.
Key Details
- Reach: The feature is live in over 80 countries, including the U.S., Brazil, and key Asian markets, connecting Solana users to over 80 million Visa merchants.
- Backing: Oobit previously raised a $25 million Series A, with participation from Solana co-founder Anatoly Yakovenko and Tether.
“This is the moment crypto leaves the screen and enters daily use,” said Amram Adar, Oobit co-founder and CEO. “Wherever Visa works, Phantom wallet now works too.”
Official Announcement