Crypto payment provider Oobit has launched a new service enabling users to send digital assets from self-custody wallets directly to bank accounts via local payment networks. This feature expands the app's functionality beyond its existing in-store Tap-to-Pay and peer-to-peer (P2P) transfer capabilities.
The service supports settlement through major regional payment rails, including the Single Euro Payments Area (SEPA) in Europe, the Automated Clearing House (ACH) in the United States, and Mexico’s Sistema de Pagos Electrónicos Interbancarios (SPEI). Settlement can be received in US dollars, euros, Mexican pesos, and Philippine pesos.
Supported digital assets for conversion include Bitcoin (BTC), Ether (ETH), and a range of stablecoins and tokens. Specifically mentioned are Tether (USDT), USDC (USDC), EURC, EURR, XRP (XRP), BNB (BNB), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE). Users can see the crypto amount leaving their wallet and the fiat equivalent arriving in the recipient's account before confirming the transaction.
The technical infrastructure is powered by Distributed Technologies Research (DTR), which connects Oobit’s wallet interface to domestic payment networks. DTR recently entered into an agreement to be acquired by Bakkt, a digital asset platform launched by the Intercontinental Exchange (ICE). Akshay Naheta, DTR founder and CEO of Bakkt, stated that such infrastructure is "foundational to broader adoption."
Oobit CEO Amram Adar emphasized the service's integrated nature, stating, "The end-user relationship, wallet custody and transaction experience remain entirely within Oobit." The process involves Oobit performing the initial crypto-to-USD conversion, transferring the USD-equivalent value in USDT to DTR, which then handles foreign exchange conversion into local fiat before settlement.
The service is fully live across all countries supported by DTR. Transfer limits range from a minimum of roughly €10 ($11.70) to $100 equivalent, depending on the corridor, with maximum limits reaching about $50,000 equivalent. Fees consist of components from both Oobit and DTR. Oobit applies the greater of a $1 fixed fee or a 1% transaction fee, plus an estimated 0.5% spread on crypto-to-USD conversions. DTR applies either a fixed fee (between ~$0.65 and €2) or a percentage-based fee ranging from ~0.65% to 1%.
This launch occurs amidst growing competition in the crypto off-ramping sector and a broader trend of financial institutions embedding blockchain-based assets into regulated systems. Oobit has previously disclosed backing from Tether, linking the app to the world's largest stablecoin operator.
