OMG Rallies as Genesis Block Ventures Purchase its Network

Bob Coiney

December 8, 2020

Genesis Block, which is a Hong Kong based trading platform, is aiming huge with its new procession in the form of Ethereum Layer 2 OMG Network.

A news article on Beincrypto claims that Hong Kong-based Genesis Block Ventures (GBV) is purchasing through its venture subsidiary, OMG Network. This is an Ethereum-based Plasma scaling platform.

The OMG Network was previously called OmiseGO. It is a non-custodial, trustless, layer-2 scaling solution that helps in the transfer of Ethereum. They said that it wants to enhance the presence of the Ethereum-based Plasma scaling platform for making partnerships in Asia. 

BeInCrypto, which is a crypto news platform, has this to tweet about the development. 

Genesis Block Ventures (GBV) said that they have been engaging in the DeFi firm. Additionally, they have also made partnerships with Binance and FTX. The firm said that, with the acquisition, they want to set their mark into the Asian operating regions. 

Genesis Block Ventures (GBV) wants to work with OMG to leverage the resources and explore it in new ways possible. Few of them include trading platforms, building lending leading to achieving DeFi’s massive adoption.

Clement Ip, who is a Genesis Block Venture partner during a live stream, stated that this acquisition involved plenty of major chances for the Ethereum-based Plasma scaling platform. They want to invest in interesting projects for further development.

In the DeFi boom, transaction fees were high on Ethereum economically. He says that people were saying ETH is broken. But Ip feels that it is here for good, and layers of scaling may be required for DeFi to expand from the situation. 

They want the integration of the Ethereum-based Plasma scaling platform. Ip knows that the gas fees may surge in the coming months. OMG, which was the native token launched to an all-time high of $4.50. 

As of now, it is moving around the $3.70 mark and in a sideways channel for the last three months. In the month of August, it peaked with the announcement of use in Tether to ensure that it became quicker, cost-effective, and precise withdrawals of USDT.