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Genesis Block, Hong Kong based OTC trading firm acquires Ethereum based OMG Network
Blockchain News

Genesis Block, Hong Kong based OTC trading firm acquires Ethereum based OMG Network

Genesis Block, Hong Kong based OTC trading firm acquires Ethereum based OMG Network

In a recent announcement on December 3, Hong Kong-based OTC trading platform’s venture arm announced the acquisition of OMG Network. Genesis Block Ventures acquires the leading Ethereum Layer-2 scaling solution, OMG Network. It is a subsidiary of SYNQA. Also, OMG Network is a non-custodial and trustless Ethereum Layer 2 scaling solution contributing value to the Ethereum Network. Furthermore, OMG Network’s acquisition is the major acquisition carried out by GBV.

GBV’s acquisition of OMG Network to encourage DeFi adoption

Genesis Block Ventures (GBV) is actively involved in the DeFi ecosystem. With its recent acquisition of OMG Network, it further intends to accelerate the adoption of OMG blockchain in the Asian landscape. It is currently working towards building strong ties with industry leaders like Binance and FTX.

It also performed a successful integration of Bitfinex with OMG network to support USD trading and withdrawals. The project OMG network was formerly known as OmiseGo which was incepted in 2017 as a subsidiary to SYNQA. Its primary aim is to contribute to the developing Ethereum blockchain infrastructure.

Additionally, it pointed out the challenges relating of widespread adoption of DeFi. The major one being the non-compatibility of Plasma with EVM. This is a proven problem for DeFi scaling. Moreover, OMG Network is a significant enterprise-friendly Ethereum scaling solution that executes thousands of transactions per second consisting of ETH or ERC-20 tokens. Its future plans include venturing into building lending and trading interfaces by leveraging shared resources of both the companies.

OMG’s short term objective includes powering the OMG Network along with its native token OMG. Its roadmap include focusing on current operations and maintaining existing partnerships. Conclusively, Genesis Block Ventures will further ensure the smooth transition of OMG network from its parent company. Therefore this will minimize the impact of magnitude on OMG’s token price. It aims to address issues of potential stakeholders for the smooth functioning of the organization

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