Omega lands $6M, prepares for launch of DeFi platform for Bitcoin holders

By Riley Kaminer

This could very well be Bitcoin’s Big Year. No really… hear us out: halving, the ETF, a (potential) broader resurgence of crypto. Last month, we asked some of #MiamiTech’s most diamond handed entrepreneurs what a Bitcoin boom could mean for our local ecosystem. Spoiler alert: a potential “watershed moment.”

Perhaps today is the start of more to come. Today, Miami startup Omega has emerged out of stealth mode with $6 million in tow – enabling the company to launch the decentralized infrastructure that it hopes will redefine omnichain and Bitcoin DeFi.

This funding round saw participation from a diverse group of investors, including Lightspeed Faction, Borderless Capital and its Wormhole Cross-Chain Ecosystem Fund, Bankless Ventures, Wave Digital, Blockchain.com, Blockchain Founders Fund, Kronos Ventures, XBTO Humla, Cadenza, Psalion Ventures, AlphaLab Capital, Side Door Ventures, MH Ventures, and others.

The capital raised will be instrumental in launching Omega’s decentralized infrastructure, which is designed to allow Bitcoin holders to generate yield from their Layer 1 Bitcoin assets. The company is gearing up to release its public beta within the next 60 days.

Wes Cowan, co-founder and CEO of Omega, expressed his enthusiasm: “This funding will allow Omega to continue our mission to push the boundaries of Bitcoin DeFi. We are excited to announce our funding from our esteemed investment partners.”

Echoing this sentiment, David Hoffman, a GP at Bankless Ventures, highlighted the alignment of visions, stating, “Omega’s forward-thinking approach to revolutionizing Bitcoin utility within the DeFi ecosystem aligns with our vision for the future of decentralized finance.”

Omega’s platform will enable Bitcoin holders to use their idle assets across DeFi DApps simply, seamlessly, and in a decentralized manners – no complex bridges, wrappers, or L2s required.

Cowan co-founded the startup with COO Eric Ryklin, who started his career in traditional finance at JP Morgan before moving into the web3 space. Cowan also cut his teeth at JP Morgan before moving into crypto, first as the leader of a web3-focused marketing agency before becoming an alternative asset manager.

With this funding, Omega is hoping to drive the next wave of advancements in Bitcoin DeFi, setting the stage for increased adoption in the coming months. The company’s innovative approach and strategic investment support underscore its potential to transform the way Bitcoin is used in the DeFi ecosystem.

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Riley Kaminer