Omisego's parent firm SYNQA raises $80 million

OmiseGo's parent company, SYNQA, recently held a Series C funding round. The company managed to attract quite a few investors, and it raised as much as $80 million in total.

SYNQA concludes its recent funding round

SYNQA announced the end of the funding round earlier today, June 22nd. The announcement disclosed the amount and it also stated that Siam Commercial Bank's subsidiary, SCB 10X led the round alongside a venture capital group SPARX.

Apart from them, there were plenty of other backers, such as Sumitomo Mitsui Banking Corporation, Toyota Financial Services Corporation, Aioi Nissay Dowa Insurance Corporation, and SMBC Venture Capital.

Now that its funding round is complete, SYNQA plans to use it to continue with its efforts of spreading cashless solutions in Asia. It plans to target businesses across the continent, but it also stated that cryptocurrencies are only one of the solutions it plans to offer.

The company believes that there is a demand for such solutions, especially now, when social distancing has become a major necessity to protect the people from COVID-19.

The firm has a number of subsidiaries that are working on developing new technologies and financial infrastructure, as well as improving older ones. The firm also supports Toyota, which has similar goals. Japanese manufacturer actually launched its own cashless app last year, in November.

The wallet does not support digital currencies at the moment, however,

OMG sees strong volatility

As for OmiseGo (OMG) itself, the token recently saw a major price surge of around 200%. However, the surge, that took place in May, was quickly replaced by another price crash. The coin's price went from $0.65 on May 10th to $2 on May 23rd. Then, it saw a drop to $1.50, which it hit on June 1st.

Since then, it fluctuated between this support and a resistance at $1.70. At the time of writing, the price is still trapped between these two levels, sitting exactly in the middle, at $1.6. However, it did see considerable growth in the last 24 hours, surging by 7.73% against the USD, and 6.55% against ETH, and 7.64% against BTC.