Onmeta, an on-ramp and off-ramp crypto solutions firm has received $1.5 million from a seed round of funding which was led by Skycatcher Fund.
Other investors include 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 is a Bengaluru-based startup, offers on- and off-ramp solutions , integration into Web3 applications. On-ramp is a method that allows investors to trade their currency for crypto while off-ramp lets users to trade cryptocurrency to fiat currency. Although the company was founded in Singapore it is a powerhouse for the Web 3.0 businesses through the payment processor.
“Mainstream acceptance for Web3 initiatives is feasible only if Web2 UX can be brought into users of the Web3 ecosystem. While the majority of other off-ramp and on-ramp service providers take 5-10 minutes , on all-inclusive basis, Onmeta has processed 91 percent of transactions so far in less than 60 seconds, emulating the present Web2 experience of instant payment,” stated by the Onmeta’s CEO, Onmeta, Bharat T.
Since its beginning on April 20, 2022 Onmeta has processed more than $1 million worth of transactions in fifteen Web 3.0 applications. Onmeta, which has 25 employees, will use the money to expand its customer base and also target a variety of fiat currencies.
Skycatcher’s founder Skycatcher, Sia kamalie, states “Onmeta is working that will increase the number of active Indian Web3 users from just a few million in the present to 10 million by the time the next decade arrives. The team is excited to create users the PayPal or Stripe user experience to Web3 applications and games looking to access India’s massive population through a single source solution.”