Heaptalk, Jakarta – Coinomo, the company behind the latest cryptocurrency exchange OMO focused on Southeast Asia, has secured an undisclosed amount in a new round of financing led by Vertex Ventures Southeast Asia & India. They plan to focus on delivering an experience to trade cryptocurrencies (crypto exchange).
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 decentralized autonomous organization 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.
With this fresh news, Coinomo aims to be the largest and most widely used crypto gateway in Southeast Asia, where more than 665 million people will potentially use Coinomo for all their digital currency needs. The 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 aims to be the gateway for Southeast Asia’s new and mainstream adopters to the world of crypto.
As per a press statement, OMO offers a high-quality user experience and eliminates 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 the crypto movement on the main street. The crypto startup will offer diligently crafted investment-grade products 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, exceptionally high publicity and trading levels 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 participate in the ecosystem according to their return profiles easily. 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 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.
