Hongkong based OTC exchange Genesis Block acquires OMG Network

GBV, the venture subsidiary of Hong Kong-based OTC trading firm Genesis Block has acquired OMG Network, the Ethereum-based scaling platform.

“GBV and OMG will work closely together to leverage resources and explore new directions, such as building lending and trading platforms, to achieve DeFi’s massive adoption and growth potential.” the press release said.

Genesis Block as “the quiet giant” of Asia’s cryptocurrency sector, probably the most well-connected group, partnered with Binance, FTX, and many more, a Twitter-user named ‘macro_diary” says.

OMG Network launched in 2017 as OmiseGo and was renamed in June 2020. It’s a second-layer platform capable of executing roughly 4,000 Ethereum token transfers per second — which is more than 200 times the speed of the current Ethereum network.

“The goals of the OMG Network will remain unchanged in the short term. Its native token OMG continues to be the token that powers the OMG Network. With the new changes, OMG Network will work on more partnerships to broaden the use cases.” Genesis Block explained.

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