Crypto payment provider Oobit has launched crypto-to-bank transfers via local payment rails, expanding beyond in-store spending and P2P transfers. Users can send digital assets from self-custody wallets to bank accounts through networks like SEPA, ACH, and SPEI. Supported assets include BTC, ETH, stablecoins, XRP, BNB, SOL, ADA, and DOGE.

Oobit allows users to see the crypto amount leaving their wallet and the fiat equivalent arriving in the recipient’s account before confirming transactions. The system routes transactions through local payment rails instead of traditional correspondent banking channels. Unlike checkout-based providers, Oobit’s transfer flow is embedded natively in its app.

Competition in crypto off-ramping is increasing, with Oobit focusing on self-custody wallets to connect onchain assets to bank accounts without holding funds on centralized exchanges. The feature is powered by infrastructure from DTR, recently acquired by Bakkt. Oobit’s model differs in custody structure and user flow from traditional off-ramp providers.

Fees for the service include charges by Oobit and DTR. The total fees consist of a fixed fee or 1% transaction fee from Oobit, along with an estimated 0.5% spread on crypto-to-USD conversions. DTR applies either a fixed fee or a percentage-based fee, depending on the currency. The integration comes as banks and fintech firms deepen efforts to embed blockchain-based assets into regulated payment systems.

Read more at Cointelegraph: Tether-Backed Oobit Adds Crypto-to-Bank Transfers