Genesis Block Ventures Announces the Acquisition of OMG Network

Genesis Block Ventures (GBV), the subsidiary of the Hong Kong-based cryptocurrency Over the Counter (OTC) trading company Genesis Block has announced that it has acquired OMG Network, a leading second-layer scaling solution for the world’s second-largest blockchain Ethereum. It is the first major acquisition made by Genesis Block Ventures as the company is continuously making efforts for further growth.

While announcing the acquisition of OMG Network on the 3rd of December, Genesis Block Ventures revealed its plans that it will be working with OMG for developing trading and lending platforms for the decentralized finance (DeFi) industry. GBV also intends to expand the growth and adoption of OMG Network across and beyond Asia as well. GBV’s mission is to shape and develop the future using blockchain technology.

The company said in the announcement:

“As an investment company with a mission of building the future through blockchain, GBV has built a wide-reaching, vibrant blockchain ecosystem. Through this acquisition, GBV is dedicated to leverage its network strength, to promote the accelerated growth of OMG Network, and further enhance the adoption of OMG blockchain in Asia and beyond.”

Throughout the year 2020, Genesis Block Venture has been taking part actively in the decentralized finance industry. GBV claimed that it has tied up several potential partnerships with the top cryptocurrency exchanges as well as with various DeFi projects. It claimed to have built partnerships with the world’s leading digital currency exchange by trading volume Binance and the cryptocurrency derivatives exchange FTX this year.

Talking about this further, the company said that it is working over making a range of integrations further as it aims at achieving massive growth and adoption in the decentralized finance sector. The company said:

“A number of integrations and partnerships are in the works to leverage resources and explore new directions, such as building lending and trading platforms, to achieve DeFi’s massive adoption and growth potential.”

GBV made a deal with SYNQA the former parent company of OMG Network for making this acquisition. As per the deal, the business and team of OMG Network will now work for GBV. Both of these firms have not unveiled any further details such as the financial terms of this deal.

On this announcement, the price value of the native digital token of OMG Network surged high by more than five percent during the last 24 hours.