Lately, many news stories of acquisitions and mergers are doing rounds in the cryptocurrency markets as the industry evolves and the major players are transitioning to the next phase of DeFi growth.
Today, Genesis Block Ventures, an investment firm based in Hongkong, acquired the OmiseGo network, which is now renamed as OMG network.
Genesis Block Ventures Acquires OMG Network
The firm announced the acquisition on December 3rd, noting that the two companies would work together to leverage the various resources and expertise in the field to develop platforms to promote the mass adoption of DeFi and tap into the growth potential of the space. The Genesis Block ventures have largely participated in the DeFi development in recent times and have collaborated with many DeFi players like Binance etc., to strengthen its foothold in the DeFi industry.
OMG Network is a leading Layer 2 Ethereum scaling solution which has an immense reach and substantial role in the DeFi arena. With the acquisition, the investment firm Genesis Block ventures wants to increase its reach in the Asian region, which is currently the hotspot for crypto. The firm aspires to explore newer markets and grow the OMG blockchain platform more substantially in Asia Pac and beyond. As the new subsidiary launches, the Asian Investment giant GBV plans to bring new services like a lending and trading platform specially designed to serve the growing decentralized finance market.
GBV noted that it is their first major acquisition and mentioned the OMG network’s integration of Bitfinex on its network for allowing withdrawal, deposit, and movement of dollars.
OmiseGo launched its mainnet in June 2020 and grabbed a lot of attention when Tether launched USUT, a dollar-pegged stablecoin on its network. OmiseGo platform touts massive capabilities, including the ability to handle thousands of transactions per second at a much lower cost as compared to the Ethereum network.
With the cryptocurrency’s markets rallying and Ethereum making waves due to its 2.0 launch, the news of yet another acquisition swirled the crypto stocks. The price of OMG Token started to surge post announcement. OMG network said that the primitive order of Business with Genesis Block ventures would be to improve the liquidity on the SushiSwap and Uniswap protocol. They tweeted the same from the OMG Network Twitter handle.
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