The company announced that Genesis Block Ventures has just acquired the OMG network. The announcement was enthusiastically received by the DeFi community. The “macro diary” of Twitter users commented on the development by saying that Genesis Block has become an unspoken giant in the Asian crypto sector.
This acquisition will help to reduce fees and increase transaction speed in the Ethereum block chain. It will also address off-chain transactions that could trigger a double-digit rally in the OMG network token, the announcement said.
The GBV is the investment arm of the OTC trading house. According to the company, the acquisition will capitalize on the strength of the network and promote increased growth of the OMG network. It will also accelerate the acquisition of the OMG block chain in Asia and other regions, the announcement said.
Seamless transition of OMG network to SYNQA
The GBV pointed out that it had actively participated in the decentralized financial revolution taking place this year. According to the company, it has worked with top exchanges such as FTX and Binance.
According to the OTC trading company, the aim is to ensure a clear transition of the OMG network and the business of SYNQA, its branch network when OMG is established in 2017.
The idea is to reduce the impact of the takeover on the price of the token.
The acquisition was announced yesterday as the Genesis block outlined plans to build a strong and scalable “credit and trading platform” for the DeFi sector.
Faster transaction speed
The OMG network was founded in 2017 and initially bore the name OmieseGo. However, at the beginning of this year, the network remained in place to reposition itself in the industry. It is a secondary platform with the capacity to perform nearly 4,000 Ethereum token transfers per second.
Since the platform has been renamed and restructured, its use has increased. Currently, the OMG network is 200 times faster than the current Ethereum network (ETH).
When it was launched three years ago, Genesis started with mining hardware, four ATMs with crypto currency, an office space for collaboration, and also offered trading services.
In July, a Genesis Block spokesperson, speaking to the press, pointed out that the boundless nature of the USDT means that Asian demand for tether in Asia will be far greater than the demand for China’s digital yuan.