Vertex Ventures, zVentures back Southeast Asia-focused crypto exchange Coinomo

FILE PHOTO: Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration/File Photo

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. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.