Cryptocurrency NewsDeFi

OMG Network Has Been Acquired by Hong Kong OTC Trading Firm

As per the recent reports, Genesis Block has managed to acquire OMG Network that is a scaling platform based on the Ethereum (ETH) Network. Genesis Block is a venture subsidiary of an OTC trading firm that is based and headquartered in Hong Kong.

The announcement of the acquisition of the OMG Network was made by the Genesis Block on December 3, 2020. In addition to announcing the acquisition, Genesis Block also revealed their future plans that they will execute with the help of OMG Network.

The Genesis Block Venture stated that with the help of OMG Network, they will be working towards the development of the DeFi sector. Their focus will be improvising and innovating in the decentralized financing sector with all available resources.

The Genesis Block Venture stated that their very first project with OMG Network would be to develop and build trading and lending platforms. These platforms will be built based on the DeFi system and to facilitate customers in the best possible ways.

The firm also stated that it plans on making full use of the connections it currently has in the blockchain industry of Asia. It intends to do this with the aim to partner with more blockchain-DeFi-based firms for more innovations all across the Asian region. Furthermore, Genesis Block Venture added that it also wants to accelerate and expedite the process of developing the OMG Network.

The Genesis Block informed the entire crypto-blockchain community that has been the focus of its interest lately. The firm stated that it has deeply engaged in the decentralized financing (DeFi) sector in the running year.

In the process of researching and innovating in the DeFi sector, the firm has also built-relationships with leading and major crypto-exchanges. Some of the leading crypto-exchanges that Genesis Block has built good relationships with are FTX and Binance.

Following the acquisition announcement by Genesis Block, the Twitter-users that are followers of the firm also shared their thoughts. One of the Twitter users who goes by the username ‘macro_diary’, spoke highly of the firm’s recent achievement.

He commended the way that the Genesis Block is working and how it is constantly building up connections and relationships in the Asian crypto-industry.

The user called the Genesis Block ‘the quiet giant’ of Asia in the crypto-blockchain sector.

At the time of launch, the OMG Network was launched with a different brand name was ‘OmiseGo’. However, the network later changed the name to OMG Network in June of 2020. OMG Network has gained popularity in the Ethereum network for being a second-layer platform. The OMG Network is capable of processing around 4,000 transfers per second for the Ethereum (ETH) tokens.

The ETH-Token transfer rate currently facilitated by the OMG Network is 200 times more than the transfer rate of the current Ethereum (ETH) Network.

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