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Genesis Block Ventures bought …

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Genesis Block Ventures bought ...

Genesis Block Ventures buys OMG Network, token price skyrockets 15%
CONTENT

  • Investment company Genesis Block Ventures announced the purchase of the OMG Network project

  • OMG token price increased by almost 15%

  • The company plans to create lending and trading platforms to achieve widespread adoption of DeFi

International consortium of news organizations developing transparency standards.

Genesis Block Ventures, an investment company focused on cryptocurrency projects, buys blockchain startup OMG Network

Genesis Block Ventures bought ...

Cryptocurrency-focused investment firm Genesis Block Ventures (GBV) has acquired the OMG Network (OMG) cryptocurrency project. The company announced this on its official website..

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According to GBV, the incompatibility of Plasma (a framework for creating subsidiary networks on the Ethereum blockchain) of the Ethereum Virtual Machine is hampering the development of the decentralized finance industry (DeFi) … More) and hampers the mass adoption of DeFi.

OMG and GBV take aim at DeFi

The OMG Network project (formerly known as OmiseGo) is creating a second-tier infrastructure to support the Ethereum blockchain ecosystem. GBV emphasizes that the OMG Network supports the transfer of ETH and ERC20 tokens with a throughput of thousands of transactions per second, scaling Ethereum and making it ready for large enterprises. In May, cryptocurrency exchange Coinbase added OMG to its listing. The integration of the stablecoin Tether (USDT) into the OMG Network also confirms the success and relevance of the project.

Genesis Block Ventures bought ...

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GBV and OMG will work together to build lending and trading platforms and explore new business areas. The main goal of the alliance is declared as unlocking the potential of DeFi and its promotion to the masses..

OMG reacted with growth

GBV promised to smoothly integrate the team and all OMG Network business processes and minimize possible negative consequences for the OMG token. Although, judging by the price dynamics, the coin reacts favorably to the news of the takeover. The OMG token price has risen by almost 15% to $ 4.32. However, over time, the excitement dropped and at the time of this writing, OMG / USDT corrected to the $ 4.07 area.

Source: coinmarketcap.com

Market capitalization of the project increased from $ 516.3 million to $ 606.4 million.

Meanwhile, the Ethereum 2.0 project successfully rolled out phase zero. Google has already noted the explosive interest in Ethereum, which the BeInCrypto editors wrote about earlier. Successful ecosystem transition to version 2 will increase network bandwidth and eliminate the need for third-party scaling solutions.

What is the point of launching the zero phase and what are the obstacles to the implementation of the project version 2.0 – read the special material BeInCrypto.

Genesis Block Ventures bought ...

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