Coinomo, the company that runs the Southeast Asia-focused cryptocurrency exchange OMO, has secured an undisclosed amount in a round of financing led by Vertex Ventures Southeast Asia & India.
The round was also participated by zVentures, gaming giant Razer’s early-stage venture capital arm; Spartan Group, a blockchain advisory and digital asset management firm based in Singapore and Hong Kong; and Leo Cheng, an investor with MetaCartel Ventures.
Existing investor Turn Capital — the family office of 17LIVE’s co-founder and non-executive chairman Joseph Phua — also participated.
The funding round follows Turn Capital’s acquisition of Dapp Pocket, a blockchain company in Taiwan, last month. Dapp Pocket provides users with a decentralised finance (DeFi) wallet and Cappuu, a yield aggregator designed to allow users to easily “on-ramp” Southeast Asia fiat currencies to US dollar stablecoins via bank transfers and credit cards.
At the time of the acquisition, the firm said it has over 100,000 users between its two offerings.
OMO merged the DeFi wallet and Cappuu into a single platform, aiming to become the gateway for Southeast Asia’s new and mainstream cryptocurrency adopters.
Aside from its retail investor offerings, Coinomo also offers OMO Finance, a platform for more savvy investors. These investors will be provided with aggregated DeFi products to match them with investment products and solutions that satisfy their needs.
The company 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.
Vertex Venture SEAI partner Genping Lui said Coinomo puts in place a platform that enables 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. Vertex sees this as an infrastructure play to facilitate further development of the cryptocurrency ecosystem,” Liu added.
Meanwhile, Coinomo CEO Evie Zhang said the team wants to bring its expertise in consumer products to make the Coinomo customers open and stay in the app. “Easy-to-use and fun are the foundation for consumer products. We keep that in mind in our design.”
Coinomo plans to officially launch its platform in Indonesia later this month, while official launches in Singapore and Thailand are slated for late this year and late 2022 respectively, according to its website.
Throughout 2021, Coinomo plans to introduce its OMO reward programme, launch OMO token and a Singapore dollar on-ramp on the platform.