Crypto payment provider Oobit has launched crypto-bank transfers that settle bank accounts via local payment rails, expanding its app beyond in-store spending and peer-to-peer (P2P) transfers.
In an announcement shared with Cointelegraph, Oobit said users can send supported digital assets from self-service wallets and deposit funds into bank accounts through networks including the Single Euro Payments Area (SEPA) in Europe, the Automatic Clearing House (ACH) in the United States and Mexico’s Sistema de Pagos Electrónicos Interbancarios (SPEI).
Settlement currencies include US dollars, euros, Mexican pesos and Philippine pesos, while supported assets include Bitcoin (BTC), Ether (ETH) and a range of stable coins such as Tether (USDT), USDC (USDC), EURC and EURR, as well as other tokens including XRP (XRP), BNB (BNB), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE).
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Oobit said users could see the cryptocurrency amount leave their wallet and the fiat equivalent appear in the recipient’s account before confirming the transaction.
He described the system as routing transactions through local payment rails rather than customary correspondent banking channels.
Unlike checkout providers that redirect users to third-party interfaces, Oobit claims that the transfer flow is natively built into its app, without redirecting users to a third-party provider outside the platform.
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The rollout highlights growing competition in the cryptocurrency market, where exchanges and fintech companies allow users to convert digital assets into fiat deposits.
Oobit’s stated differentiator is its focus on self-service wallets, positioning the app as a payments layer that connects onchain resources to bank accounts without requiring users to store funds on a centralized exchange.
DTR merger and Bakkt acquisition
Oobit says the feature is powered by Distributed Technologies Research (DTR) infrastructure, which connects the Oobit wallet interface to national payment networks.
DTR recently entered into an agreement to be acquired by Bakkt, a US-listed digital asset platform launched by the Intercontinental Exchange (ICE) in 2018.
Akshay Naheta, founder of DTR and CEO of Bakkt, said in a release that infrastructure connecting digital asset platforms with customary financial systems is “the foundation for broader adoption.”
Amram Adar, co-founder and CEO of Oobit, told Cointelegraph that the company’s model differs from customary third-party providers in both its custody structure and user flow. “End-user relationships, wallet care and transaction processing remain entirely the responsibility of Oobit,” Adar said.
According to Adar, user funds are initially stored in the Oobit wallet infrastructure. Once a bank transfer is initiated, funds are collected and transferred to DTR for the sole purpose of processing the withdrawal. DTR transfers funds to the recipient’s bank account and does not hold funds for investment or discretionary purposes.
Oobit performs an initial conversion of the cryptocurrency to USD, after which the USD equivalent is transferred in USDT to DTR. DTR then converts the foreign currency into local fiat currency before settling in the designated bank account, Adar said.
Oobit has already done this revealed Tether support, the USDT issuer, connecting the app to the biggest stablecoin operator by market cap.
Related: Bybit will launch retail bank accounts with personal IBAN numbers in February
Fees, limits and infrastructure expansion
Adar said the service is fully available in all countries served by DTR and there are currently no pilot corridors. US dollar transfers are narrow to US domestic flows.
Minimum transfers range from around €10 ($11.70) to the equivalent of $100, depending on the corridor, while maximum limits can reach the equivalent of around $50,000.
Total fees consist of components charged by both Oobit and DTR. Oobit applies the higher of the fixed fees, currently considered at $1 or 1% transaction fee, along with an estimated spread of 0.5% when converting cryptocurrencies to USD.
According to the company, DTR applies either a flat fee, typically ranging from about 0.65 cents to 2 euros depending on currency, or a percentage fee of about 0.65% to 1%.
The integration comes as banks and fintech companies deepen efforts to embed blockchain-based assets into regulated payment systems.
Major players in the payments industry such as Visa have implemented USDC-based settlements and stablecoin withdrawals for financial institutions, and Crypto.com uses Circle’s application programming interfaces (APIs) to support USD bank transfers to and from USDC wallets.
On Monday, digital asset infrastructure company Stablecore joined the Jack Henry Fintech integration network, enabling more than 1,600 U.S. banks and credit unions to add stablecoin services through their existing core banking platforms.
On the same day, TRM Labs announced a partnership with Finray Technologies to unify the monitoring of cryptocurrency and fiat transactions for institutions operating under the European Cryptocurrency Markets Regulation (MiCA).
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