Investment Update: Why We Invested in Omni
(originally posted 26 Jul, 2022)
Table of Contents
The Multichain Future
The Fat Wallet Thesis
Omni (previously Steakwallet)
An Experienced Team
OP Crypto’s Strong Commitment
Engage With Us
The Multichain Future is Here
During the past cycle, we saw an abundance of new Layer-1s establishing themselves with their respective value propositions and multi-billion dollar ecosystems. In Web3’s current state, it is impossible to access the abundance of unique applications and opportunities that live on these different chains without having multiple wallets, which brings with it many pain points. Think Metamask for EVM compatible chains, Phantom for Solana, Keplr for Cosmos, NEAR wallet…the list goes on and on. This is a large layer of friction for a multichain future, as well as added complexity for the end user.
The Fat Wallet Thesis
One consistent topic in crypto that has been cyclical and narrative-agnostic is that of the wallet: the touchpoint through which we navigate the world of Web3. Currently, we use them to “log in” to different applications (connect wallet), handle our finances, or store our NFT art collections, and these are just a fraction of the long list of use cases that crypto will bring to the world.
As crypto begins consuming more of Web2 and traditional industries — think gaming, finances, communications/social — and hits the mainstream, users are unlikely to want to manage multiple different private and public keys through various wallets. Much like how when we browse the internet today, we do not want the added complexity of using different browsers to access different websites.
So as Layer-1s become more of an application backend, it is likely that users will want a network-agnostic (multichain) wallet that enables simple and safe access to their desired dApps and protocols. This goes hand in hand with the frictionless, high quality UI/UX that is the norm for the internet. As such, it is likely we will see multichain wallets becoming the “killer apps” of Web3, with maximum users and value accrual.
That is why at OP Crypto, we believe that the fat wallet is the abstraction layer for Web3 that will accrue the most value, encourage mass adoption and have lasting impacts on the future of the space.
Omni (previously Steakwallet)
Today, we are excited to announce our investment in Omni: a mobile, non-custodial, multichain wallet built around the fat wallet thesis. Omni is rapidly building out a one-stop-shop for all your crypto needs, with integrated swaps, bridging, staking, NFT support, dApps and more across all major chains all wrapped in an impeccable user interface and experience. On top of this, they plan to incorporate elements of Web3 social to further solidify their stance as a super app.
Serafin Lion Engel, the founder of Omni and a talented crypto native builder since 2014, saw these aforementioned issues and decided to redefine what a Web3 wallet needs to be, opting for:
- Ease of use
- UI/UX
- Maximum utility
Essentially, anything that is critical to do in Web3 should be integrated into a wallet with the maximum ease of use, while giving users self-sovereignty (for example, a simple 3 step process for staking across different chains). Omni is more of a Web3 abstraction layer — a super app — that aggregates different chains and protocols, places them lower on the stack, and integrates them into its wallet with improved UI/UX. It is also fully automated at the SDK level for maximum utility and ease of use. In this space, value ultimately accrues to the wallet that sits at the top of the stack, since it is the primary touch point through which we interact with the world of crypto. We believe that this will fundamentally shape Omni in becoming the most powerful wallet in Web3.
With Omni, users will simply install the Omni application on their mobile device and set up their wallet, allowing them to start interacting across all major EVMs, non-EVMs, L2s with native staking, as well as provide DeFi and NFT support. Omni makes it easy for both new entrants and crypto veterans to take custody of their own capital, without the added complexity of manually moving it across chains, or having to create multiple wallets to interact with different dApps. If users wish to manually interact with different protocols, Omni has an integrated “Wallet Connect” feature for seamless connection.
An Experienced Team
We knew after our first phone call with Serafin that we wanted to be a part of the Omni journey. The team impressed us with their deep understanding of the Web3 landscape, coupled with excellent execution and lightning fast developer cycles. Every time we suggested a potential feature for Omni, the team was always one step ahead of us and already in the process of building.
Of course, Serafin is not new to building in the Web3 space. Previously, Serafin was the CEO of Datawallet: the Tim Draper backed venture for self custodying data, with the option to sell it anonymously to companies on an integrated marketplace. Since ideation, Serafin raised $42MM and became a leader in the C2B data economy.
OP Crypto’s Strong Commitment
At OP Crypto, we are committed to backing and closely working with innovative founders to maximize the scale and success of their projects. We could not be more excited about the future that the Omni team is enabling for Web3, and how they are redefining the Web3 wallet. Going forward, we’ll be working closely with the Omni team and help with the go-to-market strategies for the APAC region. Stay tuned!
Engage With Us
Omni is a prime example reflecting our investment thesis in the category — application infrastructure layer to onboard the next 100m users with optimized consumer UI/UX and one-stop shop experience. If you are a passionate founder building in Web3 or know someone that is building, we want to hear from you!
Don’t forget to follow us on our Twitter accounts (@OPCryptoVC & @OPCryptoDegen) for more updates and community engagement from OP Crypto!
ABOUT OP CRYPTO
OP Crypto is a leading high conviction, early-stage venture capital firm in the crypto and blockchain industry, specializing in pre-seed and seed stage investments. The fund successfully raised $50M in September 2021 and has since invested in over 30 projects, including companies such as Scroll Tech, Snackclub, Merit Circle, Omni, and Fyde.
With the support of prominent investors like Bill Ackman and Alan Howard, as well as institutions like Galaxy Digital, Huobi, and DCG, OP Crypto has access to a global network of venture funds, scouts, and ecosystem partners to source the most competitive deals in the market.
With a core team based in the United States and strong ties to the APAC region, the fund serves as a bridge between East and West. Additionally, a dedicated portfolio team provides post-investment support to founders in areas such as marketing, tokenomics, and networking.
Learn more about OP Crypto at: Website
Follow us on Twitter: OPCryptoVC | OPCryptoDegen
