Expansion targets emerging markets where Bitcoin adoption for daily transactions is growing, particularly in Latin America and Africa.
Tether-backed payment platform Oobit has expanded its crypto payment services into Colombia, aiming to facilitate digital currency transactions in emerging markets. The move follows increasing Bitcoin adoption for everyday purchases in regions like Latin America and Africa, where volatility in local currencies drives demand for alternatives.
In parts of Africa, Bitcoin is already used directly for payments, with merchants accepting satoshis instead of dollars or local currencies. Industry figures, including Africa Bitcoin Corporation’s executive chairman, have noted BTC’s role as functional money in these economies, bypassing traditional financial systems.
The expansion aligns with broader trends of crypto adoption in markets with unstable fiat currencies or limited banking access. Colombia, with its growing crypto user base, presents a key opportunity for payment platforms targeting unbanked or underbanked populations.