Obita Raises $10M to Expand Blockchain Payment Network

Obita, a cross-border payment network provider, has successfully closed an angel financing round, securing over $10 million in funding. This investment will fuel the expansion and enhancement of Obita Mesh, their blockchain-based payment technology designed for real-time, cross-border transactions using stablecoins.

Funding Allocation

The raised capital will be strategically allocated towards:

• Research and Development: Further refining Obita's blockchain technology.
• Compliance Infrastructure: Ensuring adherence to regulatory standards in various jurisdictions.
• Global Expansion: Extending Obita's reach into new and high-growth markets, particularly in Southeast Asia, Central Asia, Latin America, and Africa.

Vision Plus Capital and Mirana Ventures co-led the funding round, with contributions from Legend Capital, HashKey Capital, Web3. com Ventures, and other investors.

Addressing Cross-Border Payment Pain Points

Obita aims to tackle the common challenges in cross-border payments, including high foreign exchange costs, slow settlement times, and a lack of transparency. Their integrated platform combines compliance, clearing networks, and treasury management to streamline international trade, e-commerce, and supply chain operations.

Leadership

Dayong ZHANG, co-founder and CEO, brings extensive experience in fintech, global payments, and digital assets, including previous roles at HashKey Group and Ant Group. Vincent Yang, co-founder and CBO, is a serial entrepreneur who has been involved in expanding cross-border payment initiatives at AliExpress and Ant Financial.

Key Takeaways

• Obita secured $10M in angel funding to expand its blockchain-based payment network.
• The funding will focus on R&D, compliance, and global market expansion.
• Obita aims to solve inefficiencies in cross-border payments using stablecoins and blockchain technology.