Onmeta: Journey so far & way forward
This blog talks about the journey of Onmeta since inception, different pain points that led Onmeta founders to narrow in on the Idea, the product journey so far and some of the recent launches for the benefit of our clients.
Roots of the Company
Onmeta was founded in late 2021 by Bharath T and Krishna Teja Nemani. Bharath previously worked as Head of operations at Rapido where he was responsible for building one of most admired operations stack in the mobility Industry. Krishna worked as Director of Technology at Rapido and scaled the tech stack that enabled Rapido to be the company that it is today. Together they wanted to solve the next big problem in the tech space and narrowed in on the Idea of Onmeta as they shared a common passion for blockchain and the decentralized world possible through technology.
In late 2021, with the rise of DeFi there was a lot of clamor to buy crypto tokens but the process to buy these tokens were really complicated for a non web3 native user. Onmeta founders saw an opportunity in simplifying this multi-step process into an easily processable couple of steps. This led to the launch of a crypto onramp product in February 2022 and this product also happens to be India’s first ever B2B facing crypto onramp platform. Since then the company has steadily grown every month and currently boasts multiple clients in Industries such as Web3 Gaming, DeFi, Crypto wallets and NFT marketplaces.
Journey So far
As part of this journey, the product also evolved multi-folds during this time. In February 2022, Onmeta launched India’s first UPI payment based Onramp module and quickly followed it up with complementary products such as Offramp module, KYC module and Onramp using Philippine Peso. Below you can see a summary of the key features launched since the Inception of the company.
2022 Q3 Focus
In the recent past, a lot of focus has been on development efforts that would help conduct seamless transaction
- For example, we integrated with one of the leading EVM gas price oracle (Link) to bring accurate gas fees to process medium, fast and premium blockchain transactions. This integration will reap great benefits in the near future, as it allows us the flexibility to pick and send gas price for different transaction speeds depending on network traffic in all the major EVM chains and also provides us the option to easily speed up transaction speed when needed.
- An even more exciting feature is the launch of the EIP1159 method to calculate gas fees — this method increases the conversion rate of our blockchain orders and at the same time brings down the gas fees. We will be discussing it in depth in one of our next blogs.
- We also created a new API / Widget documentation using archbee that will make it so much easier for our clients to read and use our documentation. Apart from the cosmetic changes the team is constantly striving to improve the quality of API’s and you will notice this version of document has handled a lot more of the edge cases than the previous version
- Onmeta has always had global ambitions, with the launch of our Onramp services in the Philippines market, we make it loud and clear that we will leave no stones unturned in our quest to solve what we believe is the defining problems statement across the entire globe.
Going forward there will be increasing focus on innovations in the blockchain side and some of the exciting developments planned for the near future includes the following.
- Launch of Support for tokens in Solana, xDAI, Optimism and Tron blockchains — Our community has been constantly asking for blockchain support in the above chains and now we are closer than ever to launch into those chains
- Offramp for Philippines market — Onmeta has always had global ambitions and Philippines is the first step towards reaching that target. Since our Philippines Onramp launch in October, we have been getting requests for Off Ramp from the market and we will be launching the PHP offramp product shortly
- KYC solution through API and Widget — Most of our clients prefer to have a single point solution for their tech needs. So enabling KYC solution even for clients that integrate with us via API is key to satisfying these clients and we will be launching standalone KYC via widget very soon
- Revamped Merchant Dashboard — Making self serve merchant dashboard is one important feature in our product roadmap and we will be launching a revamped dashboard that allows clients to onboard seamlessly and complete their KYB (Know your business) steps in the next month
Looking forward to seeing you in the next blog with even more exciting updates.