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.
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