OMG Network's parent company SYNQA raises $80 million in Series C

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.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.