Oobit, a crypto payments app backed by Tether, has added crypto-to-bank transfer functionality that routes funds into bank accounts through domestic payment networks, extending the app’s capabilities beyond in-store spending and peer-to-peer transfers. The feature connects self-custody wallets directly to local banking rails without routing users through external off-ramp interfaces. The transfer infrastructure is powered by Distributed Technologies Research (DTR), which links Oobit’s wallet interface to domestic payment networks. Oobit performs the initial crypto-to-USD conversion, transfers the USD-equivalent in USDT to DTR, and DTR then handles the FX conversion into local fiat before settling into the recipient bank account.
DTR does not hold funds for investment or discretionary purposes. Supported assets include Bitcoin, Ethereum, XRP, Solana, Cardano, and stablecoins such as USDT, USDC, EURC, and EURR, as well as Dogecoin. Minimum transfer amounts range from approximately 10 euros to $100, depending on the corridor, with maximums around $50,000. Oobit’s fees are the greater of a $1 fixed charge or 1%, plus an estimated 0.5% spread on crypto-to-USD conversions; DTR charges a fixed fee between roughly 65 cents and 2 euros or a percentage-based fee from 0.65% to 1%, depending on the currency.
DTR recently entered into an agreement to be acquired by Bakkt, underscoring the push to connect digital assets with traditional financial systems. Akshay Naheta, DTR founder and Bakkt CEO, described infrastructure linking digital asset platforms with traditional finance as foundational to broader adoption. Amram Adar, Oobit co-founder and CEO, said the model preserves the end-user relationship, wallet custody, and transaction experience within Oobit, with funds held in Oobit’s wallet until a bank transfer is initiated.
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