Quick take:
- Omni launched its rebrand on Sep 7 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-custodied 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 release its own token.
Founded by Engel, Alex Harley and James Stackhouse, the wallet, previously named Steakwallet, launched its rebrand on Sep 7 ahead of the Ethereum Merge. With the new funding, it aims to integrate more Web3 technologies into the app, such as staking and token swaps.
The wallet currently allows users to stake a variety of tokens, manage assets cross-chain, and collect and display NFTs. Omni’s native staking roster includes support for MATIC, SOL, AVAX, SUSHI, AKT, NEAR, ATOM, BNB, and CELO. The wallet also supports liquid staking, meaning that users can keep their assets liquid while earning interest on their tokens, thus opening the floodgates for cryptocurrency yield farming via Omni.
Instead of switching between networks, accessing separate dApps, and bridging cryptocurrencies to different networks, users can stake crypto with three taps from their phones.
With centralised exchanges facing insolvencies, Omni recognises that users are flocking towards self-custody solutions to manage their digital assets.
To solve the problem of chain-specific account management, Omni eliminates the need for having 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 features go beyond digital asset management. Its news feed lets users stay up-to-date with recent market trends and industry events, and its explore feature exposes users to a suite of extremely useful DeFi and NFT protocols.
“We wanted Omni to be more than a wallet; we wanted it to be the one app that could do anything you’d want to do in Web 3. And we wanted to achieve this with it being fully self-custodial, which is of course the hard part. We wanted to show people that you could build something that had the same convenience as CeFi, but was fully DeFi,” said Omni founder and CEO Serafin Lion Engel. “It took us a long time to build, but we couldn’t be more excited to give it into people’s hands just before the Ethereum Merge.”
The app is now available on iOS and Android.
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