SYNQA, the parent company of the OMG Network, recently announced successfully raising $80 million in a Series C funding round lead by SCB 10x and venture capital group SPARX.
At the same time, the price of OMG has experienced a sudden increase of nearly 11% in the past few hours.
OMG Network’s Parent Company Raises $80M
The Thailand-based online payment company SYNQA, formerly known as Omise Holdings, announced earlier the successful closing of $80 million from a Series C fundraising round. Aside from SCB 10X Corp, which is a subsidiary of Thailand’s oldest bank – Siam Commercial Bank, several other prominent VCs joined the series.
Those included Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital, Aioi Nissay Dowa Insurance Corporation (ADI), and Toyota Financial Services Corporation (TFS).
The company plans to use the funding to “provide enhanced enterprise solutions and products supporting the digital transformation of businesses.” SYNQA seeks to decrease cash usage in Asia as during these times of uncertainty and social distancing, “payment gateways are key tools in performing day to day financial transactions in a fast, secure, and convenient manner.”
SYNQA founder and CEO Jun Hasegawa also emphasized on the importance of transitioning into more digitally-oriented payment options, and he added:
“This funding will accelerate the development of quality products and services by our subsidiaries to better connect people, businesses, and society. I strongly believe technologies and innovation are crucial to building a more accessible financial infrastructure.”
OMG Feels The Impact?
The statement also reads that the funding will allow the blockchain-based SYNQA subsidiary, OmiseGO Network, to “add more capabilities to their services and technology stack to enhance the value proposition to merchants and businesses in Asia.”
The project’s native cryptocurrency, OMG, felt the positive impact of the announcement. Earlier today, it traded at below $1,44, and in a few decisive hourly candles, it spiked to a daily high of $1,64. Meaning that it registered an increase of nearly 14% before retracing slightly to the current level of $1,59.
On a macro scale, OMG has been performing rather impressively since the start of the year, even after the mid-March panic sell-offs when it bottomed at $0.30. Since then, however, OMG has skyrocketed by 430% in three months.