OMG Network's parent company SYNQA raises $80 million in Series C
June 22, 2020, 7:20AM EDT
1 min read
SYNQA, the parent company of OMG Network — a layer-2 Ethereum scaling solution — has raised $80 million in Series C funding from notable investors.
The round was led by SCB10X, the venture arm of Thailand's Siam Commercial Bank, and Mirai Creation Fund II of Japanese asset manager SPARX Group. Participating investors in the round include Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital and Aioi Nissay Dowa Insurance Corporation, among others.
With the fresh capital in place, Thailand-based SYNQA plans to strengthen its payment platform, Omise, to help Asian merchants go cashless in a world post-COVID-19.
“I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises,” said Jun Hasegawa, founder and CEO of SYNQA. “This funding will accelerate the development of quality products and services by our subsidiaries to better connect people, businesses and society.”
The OMG Network went live earlier this month and integrated Tether (USDT) onto its platform at the time. The integration claims to result in reduced transaction confirmation times and fees when transferring value with USDT.