Hong Kong OTC trading agency acquires OMG Community

Ethereum-based scaling platform OMG Community has been acquired by the enterprise subsidiary of Hong Kong-headquartered OTC trading agency, Genesis Block.

The acquisition was announced on Dec. 3, with Genesis Block Ventures revealing plans to work with OMG to construct “lending and trading platforms” for the DeFi sector.

The agency additionally intends to leverage its connections throughout Asia’s blockchain trade “to speed up the event of OMG Community” and foster partnerships all through the area. Genesis Block mentioned it has engaged deeply with the DeFi sector this yr, and has constructed relationships with main exchanges Binance and FTX.

Twitter-user ‘macro_diary’ responded to the information, describing Genesis Block as “the quiet large” of Asia’s cryptocurrency sector.

OMG Community launched in 2017 as OmiseGo and was renamed in June 2020. It’s a second-layer platform able to executing roughly 4,000 Ethereum token transfers per second — which is greater than 200 instances the pace of the present Ethereum community.

Genesis Block launched in 2017, providing trading companies, a co-working workplace workplace house, 4 cryptocurrency ATMs, and mining {hardware}.

Talking to Cointelegaph in July, Genesis Block’s Charles Yang argued that China’s digital yuan will struggle to displace Asian demand for Tether in Asia as a consequence of USDT’s borderless nature.

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