Genesis Block’s Associate Firm Takes Over OMG Network
OMG Network, which is based on Ethereum blockchain, was taken over by associate concern of Hong Kong based OTC trading platform provider Genesis Block.
OMG Network, earlier referred to as OmiseGo, intends to resolve the scalability issue of Ethereum blockchain. The name was amended in June 2020.
The takeover was announced yesterday with Genesis Block Ventures disclosing its intention to cooperate with OMG to create “lending and trading platforms” for the DeFi industry.
The firm also aims to capitalize its links across Asia’s blockchain sector “to accelerate the development of OMG Network” and promote collaboration across the region.
Genesis Block stated that it is involved in DeFi sector in a deep manner in 2020 and has established strong relationships with top cryptocurrency exchanges such as FTX and Binance.
Twitter-user, who goes by the name ‘macro_diary’, pointed out Genesis Block as “the quiet giant” of Asia’s cryptocurrency industry.
OMG Network is a second-layer platform facilitating the processing of about 4,000 Ethereum token transfers per second (TPS), which is over 200x the processing ability of existing Ethereum network.
Genesis Block, rolled out in 2017, offers trading facilities. Genesis Block’s Charles Yang opined that China’s digital yuan will find it a complex task to fulfill demand in Asia for Tether because of borderless nature of USDT.
— 👾 (@macro_diary) December 4, 2020