SYNQA, the parent company of OmiseGo, formerly known as Omise Holdings, raised $ 80 million in a donation round for cashless startups.
In a June 22 announcement, Thailand-based fintech company SYNQA announced that it would raise $ 80 million in a Series C financing round led by Siam Commercial Bank subsidiary SCB 10X and the VC-based group. Dollar has collected in Asia SPARX. Other investors included Japan-based Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and Aioi Nissay Dowa Insurance Corporation.
According to a SYNQA press release shared with Cointelegraph The company will use the investment to distribute cashless solutions to companies across Asia. The fintech company called the digital currency just one of many solutions.
“In times of social distance, fintech infrastructures such as payment gateways are important tools for quickly, securely and conveniently carrying out daily financial transactions.”
A SYNQA representative told Cointelegraph:
“There are many products and factors that can help a company run out of money. Our subsidiaries are developing new and improved technologies and financial infrastructures to improve the customer experience with seamless value transfer systems that could do justice to a cashless society.” .
Possible improvements to the Toyota portfolio
In addition to its efforts to improve cashless payments, SYNQA has supported Japanese manufacturer Toyota, which announced that it launched a cashless wallet app in November 2019.. No cryptocurrency support is available for the Toyota wallet at press time.
“The new subsidiary [fue] was founded in order to meet the market requirements of companies in particular to support them in their digital transformation, “the representative told Cointelegraph. “The team works closely with companies to develop end-to-end products for digital fintech transformation such as the Toyota Wallet.”
OMG’s Pump and Dump raises questions
Cointelegraph reported in May that the first day of trading for OmiseGo (OMG) based on Ethereum, the cryptocurrency ranked 41st by market capitalization, was marked by substantial premiums on exchanges, including Coinbase. The activity led to a price increase of 200% and an immediate collapse.
At press time, the OMG token is priced at $ 1.53, away from its ATH at around $ 25 in January 2018.