Hong Kong OTC Trading Company Finalized Acquisition of OMG Network

By Shannon Wilson | December 16, 2020

OTC trading company Genesis Block has reportedly finalized the acquisition of the Second-layer Ether-powered scaling platform OMG Network. 

Specifically, the finalization of the acquisition was reportedly disclosed on December 3rd, with Genesis Block Ventures – a Hong Kong-based subsidiary of the company – made public details of its plans to collaborate with OMG, to design  “lending and trading platforms” for the DeFi industry. 

The company further looks to utilize its network throughout Asia’s blockchain sector, in a bid to “accelerate the development of OMG Network”, as well as to nurture alliances across the sector. 

Genesis Block reportedly claimed that it has made extensive engagement with the DeFi sphere in 2020, along with establishing a deep connection with top-tier exchanges, nominally Binance and FTX.

Twitter-user ‘macro_diary’ reportedy shared his remarks regarding the development, referring to Genesis Block as “the quiet giant” of Asia’s crypto sphere. 

OMG Network was reportedly established 3 years ago, functioning as OmiseGo and changed the name in June this year. It operates as a second-layer solution, having the ability to carry out approximately 4,000 Ethereum token transfers every second – which is a 200-fold increase, in terms of processing speed, compared to the existing Ethereum network. 

Genesis Block was reportedly also rolled out in 2017, providing trading services, a co-working office office space, four cryptocurrency ATMs, and mining hardware.

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