GBV acquires Ethereum-sidechain developer OMG Network

The venture capital firm Genesis Block Ventures (GBV) has acquired the OMG Network startup, the developer of the Ethereum scaling solution. As stated in a statement on the firm’s site.

GBV bought the blockchain project from its parent company SYNQA. The deal amount was not disclosed.

The company plans to work with OMG Network to build lending and trading platforms, with GBV particularly interested in DeFi-related activities.

The new owner pledged a smooth integration of the OMG Network team and all business processes to minimise potential risks to the OMG token.

According to CoinGecko, the token rose 3.4% in the last 24 hours. At the time of writing, OMG was trading at $3.92.

GBV is part of the Hong Kong-based Genesis Block, specialising in over-the-counter cryptocurrency trading.

In June, SYNQA raised $80 million in a Series C funding round from Siam Commercial Bank, Thailand’s largest bank, and Asian venture group SPARX, to develop cashless payments using digital assets.

In June 2020, the OMG Network project launched its Ethereum scaling solution. The Tether (USDT) stablecoin was integrated into the sidechain.

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