Genesis Block Ventures (GBV) Acquires OMG Network

In Blog, Community by Nebali

Genesis Block Venture's First Major Acquisition

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GBV, a full-service investment company working with Genesis Block, announces the acquisition of OMG Network (OMG), the leading Layer-2 scaling solution for Ethereum.

Formerly known as OmiseGO, OMG Network was established as a SYNQA subsidiary in 2017 to pioneer the development of Layer-2 infrastructure to support the Ethereum blockchain ecosystem. The project, OMG Network, is a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum.

The acquisition of OMG Network is GBV’s first major acquisition made as the company continues to grow.

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.

GBV has been an active participant in the decentralized finance (DeFi) revolution this year and has built strong relationships with projects in the space, as well as leading exchanges such as Binance and FTX.

As a leading Layer-2 scaling solution for Ethereum, OMG Network supports the transfer of ETH and ERC20 tokens with a throughput of thousands of transactions per second, scaling Ethereum and making it enterprise-ready.

As a major milestone, OMG Network successfully integrated Bitfinex with the OMG Network to allow the movement, deposit, and withdrawal of USD.

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