Family office of 17Live’s Joseph Phua acquires Taiwanese blockchain startup

The family office of Joseph Phua, managing partner of Turn Capital and co-founder of livestreaming app 17Live, has acquired Taiwanese blockchain firm Dapp Pocket for an undisclosed amount. The deal was led by Evie Zhang, who recently joined Turn Capital as partner, according to a statement.

Turn Capital managing partner Joseph Phua / Photo credit: 17Live

The blockchain startup currently offers two products: Dapp Pocket, a decentralized finance (DeFi) wallet, and Cappuu, a yield aggregator that allows users to easily on-ramp fiat money to USD Coin (USDC) via credit cards. The firm said it has over 100,000 users between its two offerings.

With the acquisition, Turn Capital is set to establish Omo and Omo Finance platforms, which will focus on the Southeast Asian market. The new business will be available on a dedicated Omo app and its website in June this year.

Omo will merge Dapp Pocket and Cappuu into a single platform, aiming to push DeFi into the mainstream through high-quality user experience. On the other hand, Omo Finance will cater to more seasoned crypto investors, offerings exclusive investment-grade products, among others.

“We believe with the fast-growing retail adoption of cryptocurrencies, we can leverage [Dapp Pocket’s] products and expertise to jumpstart our launch of a Southeast Asia focused retail exchange,” said Zhang, who will also serve as CEO of Omo.

Turn Capital will work with the Dapp Pocket team to develop Omo and Omo Finance. Dapp Pocket’s current services will remain unaffected, according to the statement.

The acquisition comes less than a year after Phua stepped down as group CEO of 17Live. He had held the post since 2017 after social media startup Paktor Group, which he formed in 2013, was merged with livestreaming company 17 Media.

Paktor was then acquired from the merged entity by Kollective Ventures in May last year.