Crypto payment provider Oobit has launched crypto-to-bank transfers that settle into bank accounts via local payment rails, expanding its app beyond in-store spending and peer-to-peer (P2P) transfers.
In an announcement shared with Cointelegraph, Oobit said users could send supported digital assets from self-custody wallets and have funds deposited into bank accounts through networks including 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).
Settlement currencies include US dollars, euros, Mexican pesos and Philippine pesos, while supported assets include Bitcoin (BTC), Ether (ETH) and a range of stablecoins such as Tether (USDT), USDC (USDC), EURC and EURR, along with other tokens including XRP (XRP), BNB (BNB), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE).
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Oobit said that users could see the crypto amount leaving their wallet and the fiat equivalent arriving in the recipient’s account before confirming the transactions.
It described the system as routing transactions through local payment rails instead of traditional correspondent banking channels.
Unlike checkout-based providers that redirect users to third-party interfaces, Oobit said the transfer flow is embedded natively inside its app, without redirecting users to an external off-ramp provider.
Crypto off-ramps heating up
The rollout highlights growing competition in crypto off-ramping, where exchanges and fintech companies allow users to convert digital assets into fiat deposits.
Oobit’s stated differentiator is its focus on self-custody wallets, positioning the app as a payments layer that connects onchain assets to bank accounts without requiring users to hold funds on a centralized exchange.
DTR tie-up and Bakkt acquisition
Oobit says that the feature is powered by infrastructure from Distributed Technologies Research (DTR), which connects Oobit’s wallet interface to domestic payment networks.
DTR recently entered into an agreement to be acquired by Bakkt, a US-listed digital asset platform launched by the Intercontinental Exchange (ICE) in 2018.
Akshay Naheta, DTR founder and CEO of Bakkt, said in the release that infrastructure connecting digital asset platforms with traditional financial systems was “foundational to broader adoption.”
Amram Adar, co-founder and CEO of Oobit, told Cointelegraph the company’s model 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 said.
According to Adar, user funds are initially held within Oobit’s wallet infrastructure. When a bank transfer is initiated, funds are debited and transferred to DTR strictly for payout execution. DTR forwards the funds to the recipient bank account and does not hold funds for investment or discretionary purposes.
Oobit performs the initial crypto-to-USD conversion, after which the USD-equivalent value is transferred in USDT to DTR. DTR then executes the foreign exchange conversion into local fiat currency before settlement into the designated bank account, Adar said.
Oobit has previously disclosed backing from Tether, the issuer of USDT, linking the app to the largest stablecoin operator by market capitalization.
Related: Bybit to launch retail bank accounts with personal IBANs in February
Fees, limits and expanding infrastructure
Adar said the service is fully live across all countries supported by DTR, with no pilot corridors currently in place. US dollar transfers are limited to domestic US flows.
Minimum transfers range from a roughly 10 euro ($11.70) to $100 equivalent, depending on the corridor, while maximum limits can reach about a $50,000 equivalent.
Total fees consist of components charged by both Oobit and DTR. Oobit applies the greater of a fixed fee, currently contemplated at $1, or a 1% transaction fee, along with an estimated 0.5% spread on crypto-to-USD conversions.
DTR applies either a fixed fee, generally between about 0.65 cents and 2 euro depending on the currency, or a percentage-based fee ranging from about 0.65% to 1%, according to the company.
The integration comes as banks and fintech firms deepen efforts to embed blockchain-based assets into regulated payment systems.
Major payment players like Visa have rolled out USDC-based settlement and stablecoin payouts for financial institutions, and Crypto.com has used Circle’s application programming interfaces (APIs) to support dollar bank transfers to and from USDC wallets.
On Monday, digital asset infrastructure company Stablecore joined the Jack Henry Fintech Integration Network, enabling more than 1,600 US banks and credit unions to add stablecoin services through existing core banking platforms.
On the same day, TRM Labs announced a partnership with Finray Technologies to unify crypto and fiat transaction monitoring for institutions operating under Europe’s Markets in Crypto-Assets (MiCA) regulation.
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