Blockchain and cryptocurrency technology developer Onerio has netted $3m in its seed investment round from COSIMO Ventures.
The company is looking to develop blockchain technology and dependable cryptocurrencies which can hold long-term value. Oneiro is looking to establish its headquarters in Boston, but will have part of its core technology development team in its Dublin office.
COSIMO Ventures managing partner Ciaran Hynes said, “We believe that Oneiro will bring the potential of the cryptocurrency market into a completely new realm as the acceptance, and use, of digital currencies becomes more mainstream. We are impressed by the experience and forward thinking of the team at Oneiro.”
This marks COSIMO’s second FinTech investment this month. The firm recently injected a $1m seed financing round to blockchain developer Gecko Governance. Based in Ireland, the company integrates solutions to schedule end-to-end compliance and regulatory tasks.
The firm looks to invest in early-stage companies within the blockchain and cryptocurrencies sectors, as well as AI, IoT, virtual reality, augmented reality, and big data industries.
Earlier in the month, seven cryptocurrency companies formed a UK cryptocurrency trade board in order to bring more regulation to the industry. The body is made up of BlockEx; CEX.IO; Coinbase; CoinShares; CommerceBlock; CryptoCompare; and eToro.
North American cryptocurrency companies received the lion share of funding last year, representing 63 per cent of deployed equity. The next biggest market was Europe, bagging 30 per cent of the total investment pool.