Oobit's DePay Revolutionizes Crypto Spending with Direct Self-Custody Payments
Oobit has launched DePay, a pioneering payment layer that enables direct crypto spending from self-custody wallets. This innovation aims to tackle the 'liquidity paradox' of self-custody, making billions in self-custody wallets accessible for daily commerce without reintroducing custodial risk.
DePay is designed to convert on-chain crypto settlements into a format for the legacy financial system, enabling acceptance at over 150 million merchants globally with zero additional setup from the merchants. The service is already operational in markets with established stablecoin adoption, such as Brazil, Argentina, South Korea, and the Philippines.
At the point of sale, a smart contract executes a gasless, on-chain transaction, pulling funds directly from the user's wallet only after the payment is authorized. This process connects on-chain payments to Visa and Mastercard rails, facilitating global acceptance. Initially, the platform supports ERC-20 tokens, with a roadmap to integrate additional blockchain networks on a monthly basis.
DePay allows users to connect multiple self-custody wallets simultaneously, with initial support for MetaMask, Zerion, and SafePal. Oobit is pivoting from a closed payment application to an open infrastructure provider, potentially helping wallets evolve into engines of global commerce.
Oobit's DePay is transforming crypto spending by making self-custody wallets accessible for daily commerce. With its global merchant acceptance and support for multiple wallets and tokens, DePay is poised to revolutionize the way we use and spend cryptocurrencies.
