Take fast:
- Omni launched its rebrand on September 7th and has raised $11 million in seed funding.
- The company is now valued at $50 million.
- Omni supports over 27 chains including Layer 1 and Layer 2 networks.
Self-custodial cryptocurrency wallet Omni has raised $11 million to integrate more Web3 technologies into the app.
The funding round closed in May and included investors such as Spartan Group, GSR Ventures and Eden Block, as well as OP Crypto, Shima Capital, Kosmos Ventures, Daedalus Angels, PrimeBlock Ventures, Figment Capital, Lattice Capital and Chorus One.
Omni founder Serafin Lion Engel told The Block that the funds were raised via an equity deal with a token side letter in case the company plans to issue its own token.
The wallet founded by Engel, Alex Harley and James Stackhouse, previously called Steakwallet, launched its rebranding on September 7 ahead of the Ethereum merger. With the new funding, more Web3 technologies such as staking and token swaps are to be integrated into the app.
The wallet currently allows users to stake a variety of tokens, manage assets across chains, and collect and view NFTs. Omni’s native staking list includes support for MATIC, SOL, AVAX, SUSHI, AKT, NEAR, ATOM, BNB, and CELO. The wallet also supports liquid staking, which means users can keep their assets liquid while earning interest on their tokens, opening the floodgates for cryptocurrency yield farming via Omni.
Instead of switching between networks, accessing separate dApps, and bridging cryptocurrencies with different networks, users can deploy crypto with three taps from their phones.
With centralized exchanges facing bankruptcy, Omni recognizes that users are flocking to self-custody solutions to manage their digital assets.
To solve the problem of chain-specific account management, Omni eliminates the need to have separate wallets for coins on different blockchains. The wallet currently supports over 27 chains, including Layer 1 and Layer 2 networks, to interact with DeFi and NFTs without high transaction fees.
Omni’s capabilities go beyond digital asset management. Its news feed allows users to keep up to date with current market trends and industry events, and its explorer feature provides users with a range of extremely useful DeFi and NFT protocols.
“We wanted Omni to be more than just a wallet; We wanted it to be the only app that can do everything you want to do on Web 3. And we wanted to achieve this by being fully self-managed, which of course is the tricky part. We wanted to show people that you can build something that has the same convenience as CeFi but is entirely DeFi,” said Omni founder and CEO Serafin Lion Engel. “It’s taken a long time to build, but we couldn’t be more excited to get it into people’s hands just ahead of the Ethereum merger.”
The app is now available for iOS and Android.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.