OmiseGO Parent Company SYNQA Raises $80 Million on Series C

According to Thailand-based company SYNQA, the company will use the $80 million investment to ‘deepen its footprint’ in Asia.

SYNQA, the parent company of OmiseGo formerly known as Omise Holdings. Raised $80 million in fundraising round for new cashless payments venture.

In a June 22 announcement, Thailand-based fintech firm SYNQA said it had raised $80 million in a Series C funding round led by Siam Commercial Bank subsidiary SCB 10X and Asia-based venture capital group SPARX.

Other investors include Japan-based Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and Aioi Nissay Dowa Insurance Corporation.

According to a press release from SYNQA shared with Cointelegraph. The company will use the investment to deploy cashless solutions for businesses across Asia. Fintech companies cite digital currencies as just one solution among many.

In times of social distancing, fintech infrastructure such as payment gateways are the main tools in carrying out daily financial transactions in a fast, safe and convenient way..”

Possible upgrade to Toyota Wallet

In addition to its efforts to increase cashless payments, SYNQA has supported Japanese manufacturer Toyota. Announced having launched a cashless app wallet in November 2022. At press time, there is no crypto support available for Toyota Wallet.

New subsidiary [didirikan] mainly to meet the market demand from companies to support them in their digital transformation,” the representative told Cointelegraph. “The team works closely with companies to develop end-to-end fintech digital transformation products such as the Toyota Wallet.”

Pump and Dump OMG

MediaAuthority reported in May that the first day of trading for Ethereum-based OmiseGo (OMG), the 41st-ranked cryptocurrency by market cap, was marked by significant premiums on exchanges including Coinbase. This activity resulted in a 200% price increase and an immediate crash.

At the time of writing, the OMG token price is $1.53, far from its ATH of around $25 in January 2018.

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