Categories: News

Hong Kong OTC trading firm acquires OMG Network

Second-layer Ethereum scaling solution OMG Network has been acquired by Hong Kong-based OTC trading firm, Genesis Block.

Ethereum-based scaling platform OMG Network has been acquired by the venture subsidiary of Hong Kong-headquartered OTC trading firm, Genesis Block.

The acquisition was announced on Dec. 3, with Genesis Block Ventures revealing plans to work with OMG to build “lending and trading platforms” for the DeFi sector.

The firm also intends to leverage its connections across Asia’s blockchain industry “to accelerate the development of OMG Network” and foster partnerships throughout the region. Genesis Block said it has engaged deeply with the DeFi sector this year, and has built relationships with leading exchanges Binance and FTX.

Twitter-user ‘macro_diary’ responded to the news, describing Genesis Block as “the quiet giant” of Asia’s cryptocurrency sector.

OMG Network launched in 2017 as OmiseGo and was renamed in June 2020. It’s a second-layer platform capable of executing roughly 4,000 Ethereum token transfers per second — which is more than 200 times the speed of the current Ethereum network.

Genesis Block launched in 2017, offering trading services, a co-working office office space, four cryptocurrency ATMs, and mining hardware.

Speaking to Cointelegaph in July, Genesis Block’s Charles Yang argued that China’s digital yuan will struggle to displace Asian demand for Tether in Asia due to USDT’s borderless nature.

[…]
Learn more

crypto

Leave a Comment

Recent Posts

Mt. Gox Bitcoin Movements: Market Impact and Ex-Client Risks

The defunct cryptocurrency exchange Mt. Gox is making waves again, this time with huge Bitcoin…

5 months ago

Taproot Assets: Revolutionizing Bitcoin’s Lightning Network

Lightning Labs, a leading developer in Bitcoin's Lightning Network ecosystem, has launched a groundbreaking protocol…

5 months ago

Whale With Ethereum Foundation Link Transfers 92,500 ETH Worth $288M 

According to onchain data, a significant whale holding over 92,500 ether moved the funds to…

5 months ago

Discover the Skinny Bob MemeCoin: NFTs, Multi-Chain, and Cosmic Humor

🛸Inspired by the internet's favorite extraterrestrial, Skinny Bob MemeCoin is revolutionizing the cryptosphere across multiple…

5 months ago

Uncovering the Risks of NFTs for Creators and Buyers

NFTs, or non-fungible tokens, are transforming various industries, including art, music, sports, and real estate.…

5 months ago

Proton Technologies AG Unveils Open Source Bitcoin Wallet

Proton Technologies AG, the Swiss company renowned for its encrypted email and VPN services, has…

5 months ago