Hong Kong OTC trader Genesis Block acquires layer 2 scaling solution OMG Network.

Hong Kong OTC trader Genesis Block has acquired the well-known Ethereum Layer 2 scaling solution project OMG Network. What is the reason for the acquisition?

GBV Acquires Established Layer 2 Solution

SYNQA, the parent company of OMG Network, announced today that Hong Kong-based Genesis Block Ventures (GBV) has acquired the project. This Layer 2 solution for Ethereum scalability, established in 2017, made headlines recently by partnering with Bitfinex to launch USDT on the OMG Network. SYNQA stated that they will now focus on enterprise applications.

Reasons for GBV's Acquisition

GBV stated that their significant involvement in DeFi this year led to the acquisition of OMG, with the aim of enabling DeFi to be adopted on a larger scale. They plan to collaborate with OMG to develop lending and trading platforms in the future.