Joseph Phua Chairman M17
Turn Capital, the family office of 17LIVE’s co-founder and non-executive chairman Joseph Phua, has agreed to acquire Dapp Pocket, a blockchain company in Taiwan.
Turn Capital will work with Dapp founder Anderson Chen and his team to develop OMO, a cryptocurrency exchange focussed on Southeast Asia.
OMO will be open for business both on app and at www.coinomo.com in June 2021.
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Dapp Pocket has two key products under its belt — a DeFi wallet under the same name, and Cappuu, a yield aggregator designed to allow users to easily on-ramp fiat to USD Coin (USDC) through credit card purchase.
While Cappuu is still in beta phase, Dapp Pocket’s products have achieved over 100,000 users.
“Anderson has built an amazing product suite with Dapp Pocket and Cappuu. We believe with the fast-growing retail adoption of cryptocurrencies, we can leverage his products and expertise to jumpstart our launch of a Southeast Asia focused retail exchange. Our goal is to put cryptocurrencies in 100 per cent of the eligible internet population in the region. I look forward to working closely with Anderson and his team,” said Evie Zhang, OMO CEO and Partner at Turn Capital.
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.
As per a press statement, OMO will offer a high-quality user experience and eliminate unnecessary details and confusion.
The other product is 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 crypto space has seen a strong resurgence in the last 12 months, with significant rise in interest in the industry as an alternative asset class coming both from institutional investors and retail investors alike.
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“Bitcoin’s market cap passed a trillion for the first time recently. The global crypto market cap stands at over two trillion. A whole industry was built in just over a decade. We are at the verge of going mainstream,” said Chen.
“Major industry disruptions have been occurring in the space, for example the recent launch of Partior, by JPMorgan, DBS and Temasek, a public-private partnership on blockchain payments platform experimentation. I trust we are only seeing the tip of what is to come in the next 12-24 months,” he added.
Established in 2020, Turn Capital seeks to invest in and/or acquire companies across stages, supporting founders and management with its operational expertise, together with its venture and private equity partners.
Ticket sizes range from US$500,000 from venture investments to US$10 million for private equity investments.
In January, Singapore-based investment firm Kollective Ventures (KV) and Turn Capital jointly acquired Taiwanese podcast platform SoundOn.
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Image Credit: M17
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