The Y Combinator-backed Singapore Web3 startup Poko (Pokoapp.xyz) announced on Thursday that its $4.5 million seed round had been successfully closed.
Y Combinator, NAZCA, Global Founders Capital, Orange DAO, SOMA Capital, and Goodwater Capital were among the notable investors who led the round, according to Poko, which said they were joined by investors from all of the key regions it focuses on.
Poko is reportedly using the money raised to create new products, such as a software development kit (SDK)/protocol that bears a USD yield.
A cash savings product that enables users to earn a yield on stablecoins is being developed by the company, and it is currently in beta testing for issuing virtual cards on Visa/Mastercard rails from wallets.
“We firmly believe in making web3 accessible to users worldwide,” said the Poko team.
The team claims that its SDKs and APIs give users the necessary tools to seamlessly transfer assets from local payment rails to web3 infrastructure, incorporating both popular local payment methods and widespread global card payments.
“Our goal is to empower wallets and web3 infrastructure with bank-like superpowers,” it said.
It added that Poko’s investors have been crucial in assisting the company in understanding and satisfying demand in each of its markets. the Poko team was added.
“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,” it said.
Poko is a company that makes it possible to transfer assets easily between web3 infrastructure and regional payment rails.
With the help of its cutting-edge SDKs and application programming interfaces (APIs), companies in the web3 ecosystem can now connect existing payment systems to web3 infrastructure.
Over 11 million active wallets are served by the company worldwide.
Poko’s business-to-business-to-consumer (B2B2C) model enables seamless on-ramping and purchasing from smart contracts across more than 100 payment rails and is targeted at web3 wallets, wallet-as-a-service providers, marketplaces, DApps, DeFi applications, and games.
It is stated that compared to conventional onramps, Poko’s Onramp Aggregator and Direct Checkout solutions offer cost savings of up to 70% and success rates of up to 5 times higher.
Users come from all over the world, but the key markets are the United States, the European Union, Latin America, and Asia.
Poko claimed that it experiences phenomenal growth, particularly in Asia and Latin America.
The Poko team has a wealth of knowledge in the web3 industry.