SYNQA, OmiseGo’s parent company formerly known as Omise Holdings, raised USD 80 million in a fundraising round for new cashless payment companies.

In a June 22 announcement, Thailand-based fintech company SYNQA stated that it had raised USD 80 million in a Series C financing round led by Siam Commercial Bank’s subsidiary SCB 10X and Asia-based venture capital group SPARX. Other investors included Japan-based Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital and Aioi Nissay Dowa Insurance Corporation.

According to a SYNQA press release shared with Cointelegraph, the company will use the investment to distribute cashless solutions to businesses throughout Asia. The fintech firm cited digital currency as just one solution among many.

OmiseGO’s parent company changes its name to SYNQA

„In times of social alienation, fintech infrastructure, such as payment gateways, are key tools for conducting daily financial transactions in a fast, secure and convenient manner“.

A SYNQA representative told Cointelegraph:

„There are many products and factors that can help a society become cashless. Our affiliates are developing new and improved technologies and financial infrastructure to enhance customers‘ experiences with seamless value transfer systems that could also accommodate a cashless partnership.

Singapore to explore with China a digital currency issued by the central bank
Possible improvements to Toyota’s portfolio

In addition to its efforts to improve cashless payments, SYNQA has supported the Japanese manufacturer Toyota, which announced that it had launched a cashless wallet application in November 2019. As of press time, no crypto currency support is available for the Toyota wallet.

„The new subsidiary [was] founded to meet especially the market demands of companies to support them in their digital transformation,“ the representative told Cointelegraph. „The team works closely with the companies to develop end-to-end fintech digital transformation products such as the Toyota Wallet.

Coinbase’s „inclusions“ are back: OmiseGo’s 200% increase and subsequent drop raises suspicions

The GMO pump and dump raises questions
Cointelegraph reported in May that OmiseGo’s (OMG) first day of trading based on Ethereum, the 41st rated cryptom currency by market capitalization, was marked by significant premiums on exchanges, including Coinbase. The activity resulted in a 200% price increase and an immediate collapse.

At the close of this edition, the price of the Crypto Cash token is USD 1.53, far from its ATH of approximately USD 25 in January 2018.