Genesis Block Ventures (GBV) introduced the acquisition of OMG Community, which helps velocity transactions and decrease charges on the Ethereum blockchain by dealing with transactions off-chain, triggering a double-digit rally within the community’s OMG token.
“Via this acquisition, GBV is devoted to leverage its community power, to advertise the accelerated progress of OMG Community, and additional improve the adoption of OMG blockchain in Asia and past,” GBV, an funding department of the Hong Kong-based OTC buying and selling agency Genesis Block, mentioned in its Friday announcement.
GBV mentioned that it has been an lively participant on this 12 months’s decentralized finance revolution and has partnered with main exchanges similar to Binance and FTX. The OTC buying and selling agency goals to facilitate a clean transition of OMG Community’s crew and enterprise from SYNQA (OMG Community was established as a SYNQA subsidiary in 2017) to GBV, in a bid to reduce the impression of the acquisition on the token’s value.
Regardless, OMG’s value jumped on the information, rising over 18% from $3.74 to $4.41 throughout the Asian buying and selling hours.
“OMG surged increased in a single day in response to the information that Hong-Kong based mostly OTC buying and selling agency is to amass OMG Community.” Denis Vinokourov, head of analysis on the London-based prime Brokerage Bequant advised CoinDesk in a Telegram chat. “That is notably notable growth given the latest launch of Ethereum‘s 2.zero Beacon chain, which goals to unravel numerous scaling issues, whereas Optimistic and ZK-Rollup have additionally been gaining traction.”
OMG rallied by over 200% in August because the DeFi-led congestion on Ethereum’s blockchain boded properly for OMG community.