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Digital wallet Omni (formerly known as Steakwallet) announced it has raised $11 million in seed funding on Wednesday at a $50 million valuation.

The deal closed in May, according to a statement. Other investors include Spartan Group, GSR Ventures, and Eden Block, as well as OP Crypto, Shima Capital, Kosmos Ventures, Daedalus Angels, PrimeBlock Ventures, and more. With this investment, Omni will be valued at $50 million after its rebranding.

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Funds raised will be used to expand its services and integrations for non-custodial wallets with access to web3 technologies.

Currently, the firm focus on collaboration on the Ethereum Virtual Machine and Layer 2 scaling solutions such as Arbitrum, Optimism and Polygon.

The company revealed that it is preparing to integrate with zkSync and Starknet.

Omni users can store various cryptocurrencies as well as collect and display NFTs in their wallets.

Founded by Engel, Alex Harley, and James Stackhouse, the wallet was formerly known as Steakwallet and launched its rebrand on September 7, ahead of the Ethereum merger.

The product has built its own custom smart contract middleware that allows users to stake on more than 20 protocols. It aims to integrate more Web3 technologies into applications such as staking and token swaps.

“The primary hurdle that stands between users gaining access to the future of the internet is the ease of use. That’s why we built Omni: an incredibly easy-to-use Web 3 application that can do it all without sacrificing even a fraction of self-sovereignty,” Engel said in the announcement. 

The wallet also supports liquidity staking, meaning users can earn interest on their tokens while keeping their assets liquid, opening the floodgates for cryptocurrency yield farming through Omni.

In July, the Non-fungible token (NFT) platform Omni was hacked for 1,300 ether (ETH) ($1.43 million) as the hacker exploited the firm’s reentrancy vulnerability protocol, according to PeckShield.

Image source: Shutterstock

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