Thailand-based Fintech agency SYNQA, the father or mother firm of OmiseGo (beforehand referred to as Omise Holdings), has reportedly secured $80 million in capital by way of a Collection C funding spherical led by SCB 10x, a subsidiary of the Siam Business Bank. Asia-based VC group SPARX additionally took half within the spherical.
Different buyers embody Japan’s Toyota Monetary Companies Company, Sumitomo Mitsui Banking Company, SMBC Enterprise Capital, and the Aioi Nissay Dowa Insurance coverage Company.
SYNQA says it can use the funds raised to offer varied cashless options to companies based mostly in Asia. The Fintech firm stated it could supply a digital foreign money and a number of other different monetary merchandise.
A SYNQA spokesperson famous in a launch:
“In times of social distancing, fintech infrastructure such as payment gateways are key tools in performing day to day financial transactions in a fast, secure and convenient manner.”
“There are many products and factors that can help a society become cashless. Our subsidiaries are developing new and improved technologies and financial infrastructure to enhance customer experience with seamless value transfer systems that would also accommodate a cashless society.”
SYNQA additionally plans to proceed to help main Japanese producer Toyota, which launched a cashless app pockets final yr. At current, there’s no cryptocurrency help for the Toyota Pockets.
The SYNQA spokesperson stated the brand new subsidiary was established to fulfill rising market demand from companies which are searching for help as they implement their digital transformation methods.
The SYNQA group works cooperatively with giant corporations to create complete Fintech digital transformation merchandise such because the Toyota Pockets, the spokesperson famous.
Final month, Coinbase added help for OmiseGO (OMG) at Coinbase.com and in addition for Coinbase Android and iOS apps. Coinbase customers may buy, promote, convert, ship, obtain, or retailer OMG tokens.
OMG can be supplied to all exchange clients, except New York (due primarily to strict regulatory necessities and challenges).
OMG is an Ethereum-based token that’s used to run the OmiseGo-based sensible contracts platform, which goals to supply customers extra monetary freedom via monetary providers and investments.
OmiseGo plans to assist transfer property between totally different cost techniques and blockchains, nevertheless, the undertaking has been criticized for not shifting ahead quick sufficient with its improvement objectives.
Shortly after Coinbase had added help for OMG final month, the token price surged 200% in solely 15 minutes after the itemizing, nevertheless, it then crashed instantly.
OMG’s pump and dump additionally led to accusations of insider buying and selling.