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OMG Rallies as OMG Network Sold To a New Owner

The OMG Network – operator of the Ethereum-based OMG token (formerly OmiseGo) – has a new owner, news that has sent the token’s price up by almost 8% in the past 24 hours

OMG, ranked 43rd by market capitalization on Coinpaprika at pixel time (09:21 UTC), trades at USD 4.05 and rises by approximately 8 percent in a day and 16 percent in a week. The cost rose in a month by 44 percent and in a year by 462 percent.

GBV, which identifies itself as a full-service investment firm partnering with Genesis Block, reported in a statement that it had ‘acquired’ the OMG Network, but it did not say how much it had paid to secure the deal.

In 2017, the Fintech app payment company SYNQA launched the OMG Network as a subsidiary. Since then, the Layer-2 scaling infrastructure for the Ethereum blockchain network has been running. The core protocol (the blockchain of Ethereum) is Layer 1, while Layer 2 is any protocol built on top of Ethereum.

The move is GBV’s first in the crypto industry, a point that some online commenters seem to have been concerned about. One investor reported on Twitter in a thread referring to a post from the OMG Network that they were really worried to see that my investment is being sold to a company that I don’t really know about.”

However, another claimed that Genesis Block was the “quiet giant of Asia” and had partnership deals with the likes of Binance and the FTX exchange in place.

And another still expressed no shortage of cynicism about the deal, claiming that SYNQA “offloading OMG so it doesn’t have to deal with tokenholders,” and adding that this doesn’t look great as a holder.”Genesis Block describes itself as a “premier [over-the-counter] trading company for bitcoin and cryptocurrencies,” and in a tweet has called GBV its “sister company.” The former was established in 2017 and has it headquarter in Hong Kong.

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