Poko, the Singaporean Web3 startup backed by the globally renowned accelerator Y Combinator, announced a successful seed funding round on Thursday.
The company has carved a niche for itself in the ever-expanding realm of Web3 technology, fostering seamless asset transfers between traditional payment rails and Web3 infrastructure.
The startup managed to raise an impressive $4.5m from a host of prominent investors across its target markets, according to a report from Technode Global. The funding round was steered by Y Combinator and received significant backing from others, including NAZCA, Global Founders Capital, Orange DAO, SOMA Capital, and Goodwater Capital.
Poko operates by enabling businesses in the Web3 space to bridge the gap between conventional payment methods and the cutting-edge Web3 infrastructure. The firm’s unique software development kits (SDKs) and application programming interfaces (APIs) are instrumental in this task, ensuring smooth asset transfers and incorporating global card payments and popular local payment methods.
This latest fundraise is slated to fuel Poko’s innovation engine as it seeks to develop new products. This includes a USD yield-bearing SDK/protocol, which is currently in beta testing. Poko also has plans to roll out virtual card issuance on Visa/Mastercard rails from wallets and a cash savings product that lets users earn yield on stablecoins.
“We firmly believe in making web3 accessible to users worldwide,” Poko’s team commented, outlining the company’s ongoing mission. The team has set out with the goal to empower wallets and web3 infrastructure with “bank-like superpowers”, working tirelessly towards achieving this.
Poko caters to a diverse clientele with over 11 million active wallets globally. The startup’s B2B2C model facilitates seamless onramping and purchasing from smart contracts across more than 100 payment rails. Interestingly, the company’s Onramp Aggregator and Direct Checkout solutions promise cost savings of up to 70 percent and up to five times higher success rates than traditional onramps.
It is worth noting that Poko’s previous investments have been instrumental in its growth and market understanding. The investors’ support and guidance have helped the company to foster valuable partnerships and connect with leading startups within the web3 ecosystem.
On this recent achievement, the Poko team said, “Their support and guidance have enabled us to forge valuable partnerships and connect with leading startups within the web3 ecosystem, further strengthening our position as a key player in the industry.”
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