The Ethereum-based scaling platform OMG Network was acquired by the venture subsidiary of the Hong Kong-based OTC trading company Genesis Block.
The acquisition was announced on December 3rd. Genesis Block Ventures revealed plans to partner with OMG to build “lending and trading platforms” for the DeFi sector.
The company also intends to leverage its connections across the Asian blockchain industry to “accelerate the development of the OMG network” and encourage partnerships across the region. Genesis Block said it had delved into the DeFi sector extensively this year, building relationships with leading exchanges Binance and FTX.
Twitter user “macro_diary” responded to the message, describing Genesis Block as “the silent giant” of the Asian cryptocurrency sector.
OMG Network was started as OmiseGo in 2017 and renamed in June 2020. It’s a second-layer platform that can handle roughly 4,000 Ethereum token transfers per second – that’s more than 200 times the speed of the current Ethereum network.
Launched in 2017, Genesis Block offers trading services, collaborative office space, four cryptocurrency ATMs, and mining hardware.
Speaking to Cointelegaph in July, Charles Yang of Genesis Block argued that due to the limitless nature of the USDT, China’s digital yuan will struggle to crowd out Asian demand for tether in Asia.