Omise Supplements VC Funding Through Abstemious Token Offering
Omise (Japanese, お店) is a Bangkok-based payments facilitator with a focus on Southeast Asia. The company strives to enable payment processing without foreign exchange fees or the need for bank accounts. The multitude of currencies in the region has proven to be an obstacle for consumers and corporations alike. Omise will aid peer-to-peer payments and also expects to integrate retail partners down the line. The company’s services and products will launch in the fourth quarter of 2017.
An early supporter of Ethereum, Omise (pronounced “Oh-Mee-Say”) aims to use the blockchain network to support its own growth through a decentralized payment platform. The company received $25 million in funding through an ERC20 token offering (65.1 percent of the total OMG were sold while five percent is available to holders of Ether; the remainder is divided between investment funds and the Omise team). Backers were required to register with brokerage partners prior to the offering and faced limits on the amount of OMG they could purchase. As compared to recent token offerings, Omise demonstrated remarkable planning and evenhandedness. This financing effort supplements the approximately $20 million that the company raised from earlier venture capital investments.
Over the next decade, the Southeast Asian “internet economy” is projected to grow to as much as $200 billion and Omise is well-positioned to take advantage of this expansion. Charging 3.65 percent per transaction to SMEs in Thailand (and 2.95 percent in Japan), the company could soon grow into a major financial player as it increases its reach.
At the very least, the company’s early recognition of Ethereum and its prudent approach to the OMG token offering herald the potential of Omise.