OMG Network (formerly known as OmiseGo) has been acquired by a cryptocurrency-focused investment firm called Genesis Block Ventures (GBV) for an undisclosed amount. Particularly, the firm purchased OMG Network's subsidiary called SYNQA.
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With the acquisition, GBV wants to promote the accelerated growth of OMG Network, and further enhance the adoption of OMG blockchain in Asia and beyond.
"With GBV’s strong presence in the DeFi ecosystem, SYNQA believes OMG Network will accelerate the expansion and adoption of its technology and continue on the path of providing greater financial inclusion," SYNQA said in an official announcement.
GBS emphasizes one of the reasons why it decided to acquire OMG Network was the successful integration of the USDT stablecoin into the network. As iHodl earlier reported, OMG Network integrated support for the largest stablecoin by market capitalization.
The partnership with the OMG Network is intended "to reduce Ethereum congestion and gas fees with improved transaction speeds." At the end of August, Tether moved 3 million USDT tokens to OMG Network.
After the announcement, the OMG Network's native token OMG surged by 15% up to $4.32. However, as of press time the token is trading at $3.75.
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