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Hong Kong OTC trading firm acquires OMG Network

Hong Kong OTC trading firm acquires OMG Network

Ethereum-based scaling platform OMG Community has been acquired by the enterprise subsidiary of Hong Kong-headquartered OTC buying and selling agency, Genesis Block.

The acquisition was introduced on Dec. 3, with Genesis Block Ventures revealing plans to work with OMG to construct “lending and buying and selling platforms” for the DeFi sector.

The agency additionally intends to leverage its connections throughout Asia’s blockchain business “to speed up the event of OMG Community” and foster partnerships all through the area. Genesis Block stated it has engaged deeply with the DeFi sector this yr, and has constructed relationships with main exchanges Binance and FTX.

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

OMG Community launched in 2017 as OmiseGo and was renamed in June 2020. It’s a second-layer platform able to executing roughly 4,000 Ethereum token transfers per second — which is greater than 200 occasions the velocity of the present Ethereum community.

Genesis Block launched in 2017, providing buying and selling companies, a co-working workplace workplace area, 4 cryptocurrency ATMs, and mining {hardware}.

Chatting with Cointelegaph in July, Genesis Block’s Charles Yang argued that China’s digital yuan will battle to displace Asian demand for Tether in Asia attributable to USDT’s borderless nature.

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