Oobit, a Tether-backed crypto payments app, just launched something new. Users can now send crypto directly from self-custody wallets to traditional bank accounts. It works through local payment networks according to an announcement shared with CoinTelegraph.
The service supports Bitcoin, Ether, and major stablecoins. That includes USDT, USDC, EURC, and EURR. Settlements process in various fiat currencies. The goal? Simplify the pain of converting crypto to cash that actually lands in your bank account.
The app connects onchain assets to familiar payment rails. SEPA in Europe. ACH in the United States. SPEI in Mexico. Users maintain control of their digital assets until the moment they decide to off-ramp. That addresses a common pain point for crypto holders who want access through traditional banking channels.
Distributed Technologies Research (DTR) powers the service. Bakkt’s currently acquiring that company. The arrangement splits responsibilities. Oobit handles crypto-to-USD conversion. DTR manages foreign exchange conversion and bank settlement. Oobit emphasizes user relationships stay within its app. Same with wallet custody and the transaction experience. DTR only executes payouts.
The fee structure’s got layers. Oobit charges a $1 fixed fee or 1% plus a 0.5% spread. DTR adds a small fixed fee or percentage-based charge. It’s complex. But it reflects the multiple steps involved in bridging decentralized crypto networks and traditional banking infrastructure.
This launch fits a broader trend. Crypto companies are working to integrate more seamlessly with traditional financial systems. Regulatory frameworks are evolving. Institutional adoption’s growing. The ability to move funds smoothly between crypto and fiat has become increasingly important. That’s true for retail users and businesses in the digital asset space.
Some users want self-custody wallets. They want to maintain control of their private keys. But they still need traditional banking services. Oobit’s approach offers a middle ground. Users don’t have to move funds to a centralized exchange first. The app creates a more direct pathway from wallet to bank account. That potentially reduces friction. It also cuts exposure to custodial risk during off-ramping.
