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Omni Raises $11 Million To grow its services and integrations for non-custodial wallets with access to web3 technologies

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Joyashree Dey Follow

INDIA

Sep, 13 2022

Sep, 13 2022

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On September 7, Omni (formerly known as Steakwallet), a Digital wallet aiming to increase access to web3 technologies announced it has raised $11 million in a seed funding round at a $50 million valuation. 


According to a statement, the deal closed in May and included investors like Spartan Group, GSR Ventures, and Eden Block, as well as OP Crypto, Shima Capital, Kosmos Ventures, Daedalus Angels, PrimeBlock Ventures, and more. With this funding round, Omni will be valued at $50 million after its rebranding. This was an equity deal with a token side letter in case Omni plans to release its own token, founder Serafin Lion Engel commented. 

The investments will be used to grow its services and integrations for non-custodial wallets with access to web3 technologies. 


At present, the company emphasizes collaboration on the Ethereum Virtual Machine and Layer 2 scaling solutions like Polygon, Arbitrum, and, Optimism. 


The company uncovered that it is planning to incorporate with zkSync and Starknet. 


Omni clients can store different cryptocurrencies as well as gather and show NFTs in their wallets. 


Established by Engel, Alex Harley, and James Stackhouse, the wallet was previously known as Steakwallet and launched its rebrand on September 7, ahead of the Ethereum merger. 


The product has built its own custom smart contract middleware that permits clients to stake on more than 20 protocols. It expects to incorporate more Web3 technologies into applications, for example, staking and token swaps. 


“The primary hurdle that stands between users gaining access to the future of the internet is the ease of use. That’s why we built Omni: an incredibly easy-to-use Web 3 application that can do it all without sacrificing even a fraction of self-sovereignty,” Engel said in the announcement.  


The wallet also upholds liquidity staking, meaning clients can earn interest on their tokens while keeping their assets liquid, opening the conduits for cryptocurrency yield farming through Omni. 


In July, the Non-fungible token (NFT) platform Omni was hacked for 1,300 ETH ($1.43 million) as the hacker exploited the firm’s reentrancy vulnerability protocol, as per PeckShield. 


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Joyashree Dey

CBW - External Analyst

INDIA

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