OMG Network’s Ethereum-based platform was acquired by Hong Kong-based venture capital firm OTC Genesis Block.
The acquisition was announced on December 3 when Genesis Block Ventures revealed plans to partner with OMG to create ‘lending and trading platforms’ for the DeFi sector.
The company also intends to leverage its ties with the Asian blockchain industry to “accelerate OMG network development” and develop partnerships across the region. Genesis Block said it has been active in the DeFi sector this year and has established relationships with leading exchanges Binance and FTX.
Twitter user “macro_diary” responded to the news by calling Genesis Block a “quiet giant” in the Asian cryptocurrency sector.
OMG was launched in 2017 as OmiseGo and renamed in June 2020. It is a Tier 2 platform capable of performing approximately 4,000 Ethereum token conversions per second, more than 200 times the speed of the current Ethereum network.
Launched in 2017, Genesis Block offers business services, collaborative office space, four ATMs and mining.
Speaking to Quinteligave in July, Charles Yang of Genesis Blox said that the Chinese digital yuan will struggle to crowd out Asian demand for clutter in Asia due to the limitless nature of USDT.