In a significant move to bridge the gap between digital assets and traditional banking systems, Oobit, a crypto payment provider, has launched a new service that allows users to transfer supported digital assets directly to their bank accounts through local payment networks. This expansion marks a pivotal step in the evolution of crypto off-ramping, offering a seamless and secure way for users to convert their cryptocurrencies into fiat currencies without the need for centralized exchanges.
Seamless Crypto-to-Bank Transfers
According to an announcement shared with Cointelegraph, Oobit’s new feature supports a wide range of digital assets, including Bitcoin (BTC), Ether (ETH), and various stablecoins like Tether (USDT) and USDC. Users can now send these assets from their self-custody wallets and have the funds deposited into their bank accounts via networks such as 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).
Supported Currencies and Assets
The settlement currencies include US dollars, euros, Mexican pesos, and Philippine pesos. This broad support ensures that users across different regions can benefit from the service. Oobit’s approach is unique in that it focuses on self-custody wallets, allowing users to maintain control over their funds while enjoying the convenience of direct bank transfers.
Enhanced User Experience
Unlike traditional off-ramp providers that redirect users to third-party interfaces, Oobit has embedded the entire transfer flow natively within its app. This means that users can see the crypto amount leaving their wallet and the fiat equivalent arriving in the recipient’s account before confirming the transaction. This streamlined process enhances user experience and security, as it keeps the entire transaction within the Oobit ecosystem.
Powering the Infrastructure
The new service is powered by infrastructure from Distributed Technologies Research (DTR), which connects Oobit’s wallet interface to domestic payment networks. DTR, recently acquired by Bakkt, a US-listed digital asset platform, plays a crucial role in facilitating the seamless transfer of funds. Akshay Naheta, DTR founder and CEO of Bakkt, emphasized the importance of this infrastructure, stating, “Connecting digital asset platforms with traditional financial systems is foundational to broader adoption.”
Security and Custody
Amram Adar, co-founder and CEO of Oobit, highlighted the company’s unique model, which differs from traditional off-ramp providers in both custody structure and user flow. “The end-user relationship, wallet custody, and transaction experience remain entirely within Oobit,” Adar explained. When a bank transfer is initiated, funds are debited from the user’s Oobit wallet and transferred to DTR for payout execution. DTR then forwards the funds to the recipient bank account without holding funds for investment or discretionary purposes.
Fees and Limits
The service is currently live across all countries supported by DTR, with no pilot corridors in place. US dollar transfers are limited to domestic US flows. Minimum transfers range from approximately 10 euros to $100, depending on the corridor, while maximum limits can reach about $50,000. Fees consist of components charged by both Oobit and DTR, including a fixed fee of $1 or a 1% transaction fee, along with an estimated 0.5% spread on crypto-to-USD conversions. DTR’s fees vary, generally between 0.65 cents and 2 euros, or a percentage-based fee ranging from 0.65% to 1%.
Looking Ahead
The integration of Oobit’s new crypto-to-bank transfer service comes at a time when banks and fintech firms are increasingly exploring ways to embed blockchain-based assets into regulated payment systems. Major players like Visa have already rolled out USDC-based settlement and stablecoin payouts for financial institutions, while Crypto.com has leveraged Circle’s APIs to support dollar bank transfers to and from USDC wallets. As the crypto ecosystem continues to mature, services like Oobit’s are likely to play a crucial role in facilitating the adoption of digital assets by mainstream users and institutions alike.
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