ONMETA

Onmeta, legally known as Abhibha Technologies Private Limited, is a financial technology company based in Bengaluru, India, that provides critical infrastructure for the Web3 ecosystem. Founded in late 2021 by former Rapido colleagues Bharath T and Krishna Teja Nemani, the company addresses the challenge of converting traditional fiat currency into digital assets and vice versa. The founders identified a significant gap in the market: while the demand for crypto tokens was rising, the process for a non-native Web3 user to acquire them was overly complex. Leveraging their collective experience in the payments domain at major Web2 companies, Bharath, who served as Head of Operations at Rapido, and Krishna, the former Director of Technology, launched Onmeta to simplify this process.

The company operates on a B2B model, offering enterprise on-ramp and off-ramp solutions that Web3 decentralized applications (dApps) can integrate via an API or a widget. This enables end-users to buy and sell digital assets directly within the dApp's environment, using familiar local payment methods. Onmeta's business model is commission-based, charging a transaction fee for every processed payment. Its clientele includes a range of Web3 businesses such as crypto wallets, play-to-earn games, and DeFi platforms that aim to streamline the user experience and drive mainstream adoption.

Onmeta's platform launched in April 2022 and quickly distinguished itself with features designed for speed and local accessibility. A key feature is its transaction processing time, with a significant majority of transactions completing in under 60 seconds. The service supports local payment methods that are prevalent in its target markets, such as UPI in India and GCash, PayMaya, and GrabPay in the Philippines. This focus on localized payment options was a core part of the founding vision, addressing the inadequacy of card-only solutions in markets like India. In July 2023, Onmeta became the first fiat on-ramp solution in India to be registered with the Finance Intelligence Unit (FIU), a significant regulatory milestone. The company has secured $1.5 million in a seed funding round led by Skycatcher, with participation from Luno Expeditions, Polygon Studios, and notable angel investors.

Keywords: fiat on-ramp, fiat off-ramp, Web3 payment gateway, crypto-to-fiat, fiat-to-crypto, B2B crypto solutions, dApp integration, API payment solution, digital asset exchange, cryptocurrency payments, blockchain infrastructure, emerging markets fintech, UPI crypto, GCash crypto, Southeast Asia crypto, Abhibha Technologies, Bharath T, Krishna Teja Nemani, crypto transaction processing, compliant crypto services