Omise payment platform makes $25 million through ICO to create its cryptocurrency Omise Go

6 July 2017

omiseOmise, a Thailand-based online payment platform serving big and small businesses in Asia, has successfully raised $25 million through the initial coin offering round after total investments made into the company through venture capital has reached $20 million. During the initial coin offering (ICO) companies usually sell their future crytpocoins for existing cryptocurrencies ensuring immediate liquidity.

Becoming the most established company to collect funds through the ICO, Omise had a successful token sale for the development of its new product titled Omise Go. Omise Go is a public Ethereum-based financial technology, according to the official company description. Through Omise Go users will be able to exchange value and make payments both across digital currencies and fiat currencies.

Besides, Omise Go allows its network participants to make transactions with no need to open a bank account and at no costs for cross-border transfers or fees. Besides, Omise has plans to expand the functionality of its new service to go far beyond P2P payments and allow retail partners and other payment systems to join the network.

At the moment Omise Go is still under development and the launch is scheduled for late 2018, while its initial products and services will become available in Q4 this year. After commissioning Omise Go will have its own cryptocurrency dubbed OMG based on ERC20 token standard.

According to the company statement, holders of OMG tokens may earn with the company by operating its network. Through ICO Omise has sold 65.1% of its total stock of OMG with 5% to be distributed among those owning Ethereum, while the remaining tokens will be spread between the funds to be used to ensure financing of OMG, as well as allocation for the company team and investors of Omise.

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