Omni wallet developers said that they shall use the funding to expand its services and integrations. The funding was an equity deal along with a token side letter in case Omni plans to release its native crypto token.
On Wednesday, September 7, non-custodial crypto wallet Omni announced an $11 million fundraising at a more than $50 million valuation. The Omni wallet aims at increasing access to Web3 technologies. It also seeks to increase accessibility to technologies such as token swap and staking.
Omni founder Serafin Lion Engel said that this was an equity deal along with a token side letter in case Omni plans to release its native crypto token. The deal was closed earlier this year in May featuring investors such as Spartan Group, Eden block, GSR Ventures, and OP Crypto, Shima Capital, Kosmos Ventures, Daedalus Angels, PrimeBlock Ventures, Figment Capital, Lattice Capital and Chorus One.
Omni founder Engel said that the goal behind creating this wallet was the ease of use. In the announcement on Wednesday, he added:
“The primary hurdle that stands between users gaining access to the future of the internet, is ease of use. That’s why we built Omni: an incredibly easy-to-use Web 3 application that can do it all without sacrificing even a fraction of self-sovereignty. Especially after seeing the CeFi meltdown, we wanted to give users something that was as easy to use as CeFi, but 100% self-custodial and DeFi. And that’s what we’ve done with Omni.”
Web3 Omni Wallet’s Special Features and Working
The Omni wallet has built its own custom smart contract and middleware allowing users to stake more than twenty protocols with built-in liquid staking options. Via bridges, users can move tokens to different blockchains and also display NFTs from different blockchains on their mobile app.
Omni wallet shall use the funding to expand its services and integrations. The Omni wallet is currently available on all Ethereum virtual machines as well as Layer-2 scalability solutions such as Arbitrum, Optimism and Polygon. At the same time, the company is also preparing for integration with Starknet and zkSync.
Other popular crypto wallets in the market have been raising similar funding to compete with the most popular MetaMask. Last month in August, DeFi startup Unstoppable Finance raised 12.5 million euros in a round led by Lightspeed Ventures. Similarly, Ethereum wallet Rainbow raised $18 million earlier this year in a round led by Seven Seven Six, the venture capital fund of Reddit co-founder Alexis Ohanian.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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