Coinomo CEO Evie Zhang
Coinomo, the company behind the latest cryptocurrency exchange OMO which is focused on Southeast Asia, has secured an undisclosed amount in a new round of financing led by Vertex Ventures Southeast Asia & India.
The round was also joined by zVentures, the corporate VC of Razer; Spartan Group, a blockchain advisory and digital asset management firm based in Singapore and Hong Kong; and Leo Cheng, an investor with MetaCartel Ventures, a community-driven investment decentralised autonomous organisation consisting of founders and builders.
Existing investor Turn Capital, the family office of 17LIVE’s co-founder and non-executive chairman Joseph Phua, also participated.
This development comes just a month after Singapore-based Coinomo acquired Taiwanese crypto wallet Dapp pocket and yield aggregator Cappuu.
OMO merges Dapp Pocket Wallet and Cappuu into a single platform and is aimed at being the gateway for Southeast Asia’s new and mainstream adopters to the world of crypto.
Also Read: Joseph Phua’s Turn Capital acquires Dapp Pocket to create SEA-focused retail crypto exchange
As per a press statement, OMO offers a high-quality user experience and eliminate unnecessary details and confusion.
Coinomo also offers OMO finance, a platform that serves as a higher order product, catering to more seasoned crypto investors, to join and enjoy the raging waves of crypto movement on the main street. Diligently crafted investment-grade products will be offered exclusively on this platform.
The company has also announced the launch of OMO’s beta version that allows users to buy and sell cryptocurrency pairs and participate in yield products of various return profiles.
The crypto space has seen a strong resurgence in the last 12 months, and especially high levels of publicity and trading in the past months. New use cases for cryptocurrencies have breathed new life into the already booming industry, the division between main street and crypto is getting thinner and thinner.
“There is increasing interest and continued innovative applications in the crypto space. Coinomo is putting in place a platform to enable retail investors to easily participate in the ecosystem according to their return profiles. It provides significant value by abstracting away the complexity and perplexity for the general public retail users, while also mitigating risks away from many projects,” said Genping Liu, Partner at Vertex Venture SEAI.
“Vertex sees this as an infrastructure play to facilitate further development of the cryptocurrency ecosystem,” Liu added.
“We want to bring our expertise in consumer products into Coinomo and make this a fun and vibrant community. Investing with Coinomo is fun, our customers would love to open our app and to stay in the app. Easy-to-use and fun are the foundation for consumer products. We keep that in mind in every detail and product feature in our design,” said Evie Zhang, CEO of Coinomo.
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Image Credit: Coinomo
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