Deepti Sri · · 2 min readExclusive: Singapore crypto vault banks $500k in fresh funds
Diamond Protocol, the vault of Singapore-based crypto investment platform Omo Group, has raised US$500,000 in a new funding round led by Tokocrypto and IVC.
Perpetual Protocol and several undisclosed founders of Southeast Asian unicorns also took part in the round, the company told Tech in Asia.
Omo Group CEO Evie Zhang/ Photo credit: Omo Group
Diamond Protocol is a codeless, modular vault protocol that aims to bridge the gap between traditional and crypto-native investors by providing them with a platform where traders can deploy their investment strategies with on-chain liquidity.
Meanwhile, crypto-native investors can access wealth management products previously only available to high-net-worth individuals and institutional investors.
Founded in May 2021, Omo Group currently has two products apart from Diamond Protocol, namely Coinomo and Omo Finance. Coinomo serves retail customers, while Omo Finance is designed for high-net-worth and institutional investors.
“I want to help people treat crypto investments from a portfolio management perspective, instead of just a speculative product,” Omo Group CEO Evie Zhang told Tech in Asia. The company will use the fresh funds for marketing and the back-end tech development of its vault.
See also: How Polygon puts India at the heart of the crypto world
Omo Group aims to add six more vaults to its blockchain ecosystem by the next three to six months, along with more complicated derivative trading strategies that apply to a traditional hedge fund. It is also looking to hit assets under management of US$300 million by the end of this year and US$500 million to US$1 billion by the end of 2023.
Omo Group said it provides code-level due diligence on crypto assets, which includes a stringent vetting process to make sure the curated list of crypto investment products is suited for investors of various risk appetites.
Diamond Protocol currently has a few hundred users, who get an average return on investment of about 30% annually.
Editing by Miguel Cordon and Jaclyn Tiu
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