Fiat-to-crypto gateway Onmeta raises $1.5 million in seed funding

• ByStartupStory     |    September 15, 2022

Onmeta, the on-ramp and off-ramp crypto solutions provider, has raised $1.5 million in a seed funding round led by Skycatcher Fund. 

Others investors including Luno Expeditions, Polygon studios, Skycatcher fund, GSF Fund, and angels like Ganesh Swami (CEO of Covalent), Sandeep Nailwal (co-founder of Polygon), Madhur Deep (Head of operations of Alibaba India), and Hero Mashita ( MD of Sin Growth Partners. 

Onmeta, the Bengaluru-based startup, provides on and off-ramp solutions by integrating with Web3 applications. On-ramp is a process by which investors can exchange their money for cryptocurrencies, and off-ramp allows users to exchange crypto for fiat currencies. Although the startup is registered in Singapore, it powers Web 3.0 enterprises via its payment gateway. 

“Mainstream adoption of Web3 projects is only possible if Web2 UX can be brought to the Web3 ecosystem. While most other on- and off-ramp service providers process payments in 5–10 minutes on an average, Onmeta has processed 91% of its transactions so far in under 60 seconds, mirroring the current Web2 experience of instant payments,” stated by the CEO of Onmeta, Bharat T. 

Since its inception in April 2022, Onmeta has successfully processed approximately $1 million in transactions for 15 Web 3.0 applications. The startup, with a team of 25, will now use the funding to expand its market base along with targeting multiple fiat currencies. 

The founder of Skycatcher, Sia kamalie, states, “Onmeta is building bridges to unlock India’s active Web3 user base from a couple million today to the next 10 million users. The team is inspired to bring the PayPal or Stripe user experience for Web3 games and DApps that want to tap into India’s scale with a one-stop solution.”

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