Genesis Block Ventures (GBV) introduced the acquisition of OMG Community, which helps pace 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.
“By way of this acquisition, GBV is devoted to leverage its community energy, to advertise the accelerated development 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, said in its Friday announcement.
GBV said it has been an lively participant on this yr’s decentralized finance revolution and has partnered with main exchanges comparable to Binance and FTX. The over-the-counter (OTC) buying and selling agency goals to facilitate a clean transition of OMG Community’s staff and enterprise from SYNQA (OMG Community was established as a SYNQA subsidiary in 2017) to GBV, in a bid to attenuate the influence of the acquisition on the token’s worth.
Regardless, OMG’s worth jumped on the information, rising over 18% from $3.74 to $4.41 in the course of the Asian buying and selling hours.
“OMG surged larger in a single day in response to the information that Hong Kong-based OTC buying and selling agency is to amass OMG Community.” Denis Vinokourov, head of analysis on the London-based prime Brokerage Bequant informed CoinDesk in a Telegram chat. “That is notably notable improvement given the current launch of Ethereum’s 2.0 Beacon Chain, which goals to resolve 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 nicely for OMG community.