Crypto payments app Oobit has officially launched in Colombia, marking its ninth live market. The move comes after the company saw explosive growth in Brazil, where active users surged 200% since the launch there.
A Growing Presence in Latin America
Oobit is a non-custodial crypto payments firm that lets users spend their cryptocurrency through a credit card. Colombia joins other Latin American markets like Argentina, Brazil, and Chile in the company’s network. The expansion is strategic: the Colombian peso recently ranked second among all currencies for stablecoin purchases on centralized exchanges. That signals rising demand for crypto-based payment methods in the country.
The Latin American crypto economy is estimated at $44 billion, and Oobit has been riding that wave. In Brazil, active users now spend an average of $400 per month, completing about 20 transactions each. Those purchases are often for everyday needs — 35% go to grocery stores and supermarkets, 8.8% to restaurants, and 7.2% to other food shops. In Brazil, the range also includes beauty and barber shops and service stations, suggesting a growing comfort with using crypto for daily expenses.
USDT Dominates, But There’s a Shift
Tether’s USDT remains the most popular currency for payments on the platform. Oobit’s own token ranks a distant second. Still, the company’s co-founder and CEO, Amram Adar, says the region is moving away from viewing crypto purely as an investment. “We are seeing a regional shift where crypto is no longer just an investment, but a primary way to pay for groceries and healthcare,” Adar said. He added that Latin America is becoming a global leader in real-world digital asset use.
Backed by Tether Funding
Oobit’s Colombian expansion follows a $25 million Series A funding round led by Tether in February. At the time, Tether CEO Paolo Ardoino said both companies share a vision for driving global cryptocurrency adoption. The new funding likely helped Oobit target high-potential markets like Colombia, where stablecoins are already gaining traction for everyday transactions.
It remains to be seen whether this growth can continue in Colombia. But the company’s early data from Brazil suggests that when people can use crypto for real purchases, they tend to stick with it. For now, Oobit is betting that the country’s appetite for stablecoin payments will translate into active users and regular transactions.
