- Genesis Block Venture acquired the OMG project
- The venture firm has plans to excite in the area of DeFi
- The news created a bullish momentum in the price of OMG token
- OMG Network plans to broaden its use case
On Thursday, a Hong Kong-based subsidiary of crypto over-the-counter (OTC), Genesis Block Ventures (GBV), obtained an Ethereum-based Layer-2 trading solution, OMG Network. GBV, being a new owner of the OMG project, is planning to accelerate the growth of the blockchain network and increase its adoption in the largest continent of the world.
What plans does Genesis Block Venture have?
The Genesis Block Venture (GBV) has plans to launch several new services with its recent acquisition. The services are incredibly hyped in the area of the decentralized finance (DeFi) sector. GBV aims to leverage resources and find new directions like creating a decentralized lending and trading platform, to achieve a massive adoption and growth potential of the DeFi sector.
Any new goals to achieve by the OMG Network?
According to the news, it is found that for a short while, the goals of the project will remain unchanged. The OMG token will remain the base token that powers the network. However, the project has plans to broaden its use case by making several partnerships, as it can handle thousands of transactions per second at a third of the cost of the same on ETH.
OMG Network has the attention of the blockchain industry
For saving time and cost, Tether launched USDT, a US dollar-pegged stablecoin, on the blockchain of OMG Network. The launch of such stablecoin on OMG’s blockchain has turned the attention of the whole blockchain industry towards the project s, which was previously known as OmiseGo.
A couple of years back, the project was a subsidiary of SYNQA. This Thailand-based financial technology firm also created headlines after closing its Series C funding round in the mid of this year. Now, the project is acquired by GVB.
OMG token price spiked after the acquisition news
It is observed that after GBV announced the news of the acquisition of the project, the OMG token got a bang in its bullish mood. With the information, the OMG price spiked, although since then, the price is correctively heavily. However, the reaction was highly volatile. The price of OMG soared by just 20% after a minute of the announcement and marked a daily high of $4.42, which is its highest level since last week. Indeed, with the calmness in the news, the price of the token also calmed down. At press time, OMG is trading at $3.56.