Turn Capital acquires blockchain startup Dapp Pocket and will create OMO, a Southeast Asia focused retail cryptocurrency exchange

Turn Capital acquires blockchain startup Dapp Pocket and will create OMO, a Southeast Asia focused retail cryptocurrency exchange

Dapp Pocket Inc., a fast-growing blockchain company in Taiwan founded by Anderson Chen has agreed to be fully acquired by Turn Capital, the family office of Joseph Phua, Co-Founder and Non-Executive Chairman of 17LIVE Inc. The deal is led by Evie Zhang, who recently joined Turn Capital as Partner.

The successful company has two key products under its belt: Dapp Pocket, a DeFi wallet and Cappuu, a yield aggregator designed to allow users to easily on-ramp fiat to USD Coin (USDC) through credit card purchase. While Cappuu is still in beta phase, Dapp Pocket Inc.’s products have achieved strong traction, with over 100,000 users.

“Anderson has built an amazing product suite with Dapp Pocket and Cappuu. We believe with the fast-growing retail adoption of cryptocurrencies, we can leverage his products and expertise to jumpstart our launch of a Southeast Asia focused retail exchange. Our goal is to put cryptocurrencies in 100% of the eligible internet population in the region. I look forward to working closely with Anderson and his team,” said Evie Zhang, OMO CEO and Partner at Turn Capital. 

Bringing Dapp Pocket’s technology and expertise to Southeast Asia

OMO and OMO Finance will be the new products focused on the Southeast Asian market, using Dapp Pocket’s technology and expertise. OMO merges Dapp Pocket Wallet & Cappuu into a single platform and is aimed at being the gateway for Southeast Asia’s new and mainstream adopters to the world of crypto. The product is ideal for new adopters, offering a high quality user experience and eliminating unnecessary details and confusion. OMO will be a simple, secure and intuitive gateway into the world of “everything crypto”. 

The OMO finance platform serves as a higher order product, catering to more seasoned crypto investors, to join and enjoy the raging waves of crypto movement on the main street. Diligently crafted investment-grade products, amongst others, will be offered exclusively on this platform. 

The crypto space has seen a strong resurgence in the last 12 months, with significant rise in interest in the industry as an alternative asset class coming both from institutional investors and retail investors alike – It is harder and harder for any return seeking investor to ignore it. As adoption grows, and as regulators take a more progressive approach towards the industry, the only things that stand in the way of mass adoption is the ease of access and product user experience. 

“Bitcoin’s market cap passed a trillion for the first time recently. The global crypto market cap stands at over 2 trillion. A whole industry was built in just over a decade. We are at the verge of going mainstream and I am extremely excited to begin this partnership with Turn Capital. Major industry disruptions have been occurring in the space, for example the recent launch of Partior, by JPMorgan, DBS and Temasek, a public-private partnership on blockchain payments platform experimentation. I trust we are only seeing the tip of what is to come in the next 12-24 months,” said Anderson Chen.  

Turn Capital will work with Anderson and his team at Dapp Pocket to develop OMO and OMO Finance. Dapp Pocket’s current services will remain unaffected. 

OMO will be open for business both on app “OMO” and at www.coinomo.com in June 2021.

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