The Ethereum-based scaling platform, OMG network, was acquired by the venture subsidiary of Hong Kong-based OTC trading company Genesis Block.
The acquisition was announced on December 3rd Genesis Block Ventures announced plans to partner with OMG to build “trading and credit platforms” for the DeFi sector.
The company also intends Leverage connections in the Asian blockchain industry to “accelerate the development of the OMG network” and promote partnerships across the region. Genesis Block announced that it has made a deep commitment to the DeFi sector this year, building relationships with major exchanges, Binance and FTX.
Twitter user ‘macro_diary’ answered to the news and described Genesis Block as “the silent giant” of the Asian cryptocurrency sector.
OMG Network was started as OmiseGo in 2017 and renamed in June 2020. It’s a second-layer platform that can handle approximately 4,000 Ethereum token transfers per second. That’s more than 200 times the speed of the current Ethereum network.
Launched in 2017, Genesis Block offers trading services, collaborative office space, four crypto ATMs, and mining hardware.
Speak to Cointelegaph in July Charles Yang Genesis Block argued that China’s digital yuan will struggle to displace Asian demand for tether in Asia due to the limitless nature of USDT.