The purchase was announced on December 3, with Genesis Block Ventures laying out its plans to work with the Ethereum-based scaling platform to create DeFi “lending and trading platforms.”
The company also plans to use its Asian blockchain connections “to accelerate the development of OMG Network” and build partnerships throughout the region. Genesis Block said it has become heavily engaged with the DeFi sector this year, fostering tis with the major exchanges such as Binance and FTX.
OMG Network launched in 2017 as OmiseGo but rebranded in June this year. It’s a second-layer platform capable of executing around 4,000 Ethereum token transfers per second – more than 200 times the speed of the current Ethereum network.
Genesis Block launched in 2017, offering trading services, a co-working office office space, four cryptocurrency ATMs, and mining hardware, Cointelegraph reports.