OMG Rallies as OMG Network Sold To a New Owner

Source: Adobe / SecondSide

The OMG network – Operator of the OMG token based on Ethereum (ETH) (formerly) OmiseGo) – has a new owner, news that has increased the price of the token by almost 8% in the last 24 hours.

At pixel time (09:21 UTC), OMG is listed at number 43 by market capitalization of Coinpaprika at USD 4.05 and is up almost 8% in one day and 16% in one week. The price increased 44% in a month and 462% in a year.

In one (n announcement, GBV, who describes itself as the full-service investment company that it works with Genesis blockclaimed to have “acquired” the OMG network but did not disclose how much it paid to secure the business.

The OMG network was launched by the fintech app payment company SYNQA as a subsidiary in 2017. Since then, the company has been working on the Layer 2 scaling infrastructure for the Ethereum blockchain network. Layer 1 is the basic protocol (the Ethereum blockchain), while Layer 2 is any protocol built on top of Ethereum.

The move is GBV’s first in the crypto market, a fact that seems to have worried some online commentators.

On Twitter all in one thread In response to a post from the OMG network, one investor replied that he was “very concerned that my investment will be sold to a company I really don’t know about”.

Another, however, claimed that Genesis Block was the “silent giant of Asia” and that it had partnership agreements with similar companies Binance and the FTX Exchange.

And another still expressed no lack of cynicism about the deal, claiming that SYNQA is “discharging OMG so it doesn’t deal with token holders,” adding that “this doesn’t look great as an owner.”

Genesis Block describes itself as “Premier [over-the-counter] Trading company for Bitcoin and cryptocurrencies ”and has designated GBV as a“ sister company ” a tweet. The former was founded in 2017 and is headquartered in Hong Kong.
Learn more: DeFi Superpowers and SushiSwap To Merge