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Ethereum second-layer scaling solution OMG network acquired by GBV



Source: Pixabay

OMG Network, formerly known as OmiseGo network has been acquired by an investment company based in Hong Kong, Genesis Block.

According to the announcement on 3 December, Genesis Block Ventures will work together with OMG Network to build lending and trading platforms for the DeFi sector. GBV has been an active participant in the DeFi revolution in 2020 and has built connections with different projects and exchanges like Binance and FTX, in this space. The announcement read:

“Following the acquisition, a number of integrations and partnerships are in the works, GBV and OMG will work closely together to leverage resources and explore new directions, such as building lending and trading platforms, to achieve DeFi’s massive adoption and growth potential.”

Additionally, the company also wants to leverage its reach in Asia to accelerate the development of the OMG network and establish partnerships in the region. Users have called GBV “quiet a giant of Asia” and noted that it was “probably most well-connected group”.

As a part of this acquisition, the OMG network announced the first order of business with GBV. It was to improve liquidity on Uniswap Protocol and SushiSwap. The Twitter update noted:

OMG network was launched in 2017 as OmiseGo and is a second-layer platform Ethereum scaling solution. It has been processing nearly 4,000 Ethereum token transfers per second, 200x the speed of the Ethereum network. The GBV noted that the goals of the OMG network will remain unchanged in the short term and the OMG token will continue to be the token powering its network.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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