Genesis Block Ventures believes it opens the door to great opportunities by acquiring OMG Network.
Genesis Block acquires OMG Network
Honh-Kong based Genesis Block Ventures, Takes over OMG Network. The price paid for OMG Network, previously known as OmiseGo, was not disclosed.
OMG price consolidated around $3.70 after the acquisition.
OMG plans of Genesis Block
On December 3, Hong-Kong-based Genesis Block Ventures (GBV) ) Ethereum , Plasma scaling platform announced to acquire OMG Network
OMG Network works as a trusted, unattended Layer-2 scaling platform for Ethereum.
According to a statement from Genesis Block Ventures (GBV), the company plans to develop partnerships in the Asian market by accelerating the development of OMG Network..
GBV also reported that they have established a deep network of relationships with the DeFi space in this process and are also affiliated with leading crypto exchanges Binace and FTX ..
On December 7, GBV partner Clement Ip, who attended the Boxmining livestream, said that during the DeFi boom, transaction fees have peaked and trading on Ethereum has become uneconomical..
IP is of the opinion that Ethereum is permanent, but scaling on DeFi needs to be increased in order to move beyond the current state..
Increasing the number of GBV cryptocurrency ATMs and fast transaction with low fees via OMG Network pursuit of realization.
OMG coin’s reaction to developments
OMG Network’s native token OMG coin rose on December 4 following the announcement. OMG, which has reached its highest value in the last three months, traded just under $ 4.5. OMG coin was later pulled up to $3.7.
OMG, which caught its highest value with $25 in January 2018, is well below the ATH level like many altcoins of the 2017 period.
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