The latest reports reveal that the second-layer Ethereum scaling solution OMG Network has been purchased by Hong Kong-based OTC trading firm, Genesis Block. Genesis Block Ventures revealed its plans to work with OMG as it announced the acquisition on December 3.
Based on the announcement, the two firms will work to build “lending and trading platforms” for the decentralized finance (DeFi) sector. The company also wants to leverage its connections throughout Asia’s blockchain sector to accelerate the developments within the OMG Network.
They also want to foster partnerships in the entire region. Genesis Block stated that it has engaged deeply with the DeFi industry in 2020, and has created relationships with leading exchanges FTX and Binance.
Twitter-user ‘macro_diary’ responded to this announcement, describing Genesis Block as “the quiet giant” of Asia’s crypto industry.
OMG Network was launched in 2017 going by the name OmiseGo at the time until it was renamed in June 2020. It is a second-layer platform that is capable of executing about 4,000 Ethereum token transfers per second; more than 200 times the speed of the current Ethereum network.
Genesis Block was unveiled in 2017, providing trading services, a co-working office space, four crypto ATMs, and mining hardware. Speaking to reporters in July, Genesis Block’s Charles Yang said that China’s digital yuan will encounter many challenges trying to displace Asian demand for Tether in Asia due to USDT’s borderless nature.
