Hong Kong-based OTC trading firm, Genesis in a move gathered by reporters today, has moved to acquire OMG Network, a second-layer Ethereum scaling solution. The acquisition plans were announced on December 3rd, 2020, by Genesis, who claims that it has been part of their long-term plan to purchase OMG Network. The acquisition by Genesis will see both firms work hand-in-hand to build and advance the decentralized finance(DeFi) community’s current lending and trading platforms.
Asia is set to be the biggest winners in the partnership
The new move by Genesis block isn’t only business-oriented but is understood to be more strategic towards the Asian market, gaining new exposure in other parts of the world. The company, which is one of the greatest firms in the Asian Cryptocurrency space, will accelerate its developments throughout the Asian blockchain space. This new ownership cements its place as the leading market in Asia.
Genesis has set their sights on bigger things this year and is looking to expand its horizons worldwide. The company has built some business partnerships with leading exchanges like Binance and FTX. Some analysts referred to the organization as “the quiet giant” of Asia’s Blockchain space. It is no surprise that it has spent 2020 partnering with a lot of Defi firms to maximize it’s presence across the Cryptocurrency space.
Genesis was named after the first mined Bitcoin block
It is worthy to note that the name “Genesis Block” is the name of the first block of Bitcoin ever mined, which was created in 2009 by a developer named Satoshi Nakamoto. However, It is not mistaken with the Hong Kong-based company, Genesis Block, the premier OTC trading company for Bitcoin and cryptocurrencies.
The company, backed by an experienced team of financial professionals and deep liquidity pools, was founded by Wincent and Clement in 2012. Its businesses comprise of OTC/Proprietary trading, Investments, building online/offline communities, mainly in Hong Kong and Thailand is aimed to serve the needs of the mining industry. With over a 200million users across the world, they are truly the “quiet giant” of the Asian space.
OMG Network was launched in 2017 as OmiseGo but was ultimately renamed in June 2020. The OMG Network is a value transfer network for Ethereum and any ERC-20 token. It describes itself as the first production-grade layer-2 Ethereum scaling solution. It aims to let people move money and a variety of digital values on the blockchain faster, cheaper, and without compromising security. It currently possesses the ability to process about 4,000 Ethereum token transfers per second, which is more than 200 times the current Ethereum network’s speed.