Toyota Backed Crypto, OMG Network, Is On The Rise, And Here’s What You Need To Know
This year, just like many previous ones have seen a lot of altcoins put up performances worth mentioning. One of such coins is OMG Network (OMG), a Toyota-backed digital project which first burst onto the crypto scene in 2017 after its parent club SYNQA (formerly known as Omise), held an ICO, selling OMG tokens to investors and crypto fanatics. Fast forward, the digital coin is now making waves, gaining adoption, and the attention of the crypto space.
Omise, the parent company of OMG, is an established payment service provider based in Thailand and is widely known in the Southeast Asia market. The company was able to raise almost $25 million by selling OMG tokens in its 2017 ICO launch. OmiseGo has a limited supply of just 140 million OMG coins, a feature that gives it an advantage over many altcoins as the possibility of the project to suffer an asset dilution is almost impossible.
OMG’s performance that year saw its price rise to $25 during the latter part of the year, before losing almost 99% of its value and got stuck in a pool of reds for years before this year. OMG’s performance this year came under the spotlight when its value exploded last month. On August 12th, OMG’s price was trading at $1.5 and in over a week, it gained more than a 500% increase in value, pushing its price to $9, a new high in over 2 years. The digital project also saw a 105% increase on August 20, before falling to $7.5 within the next 24 hours. The digital coin’s impressive performance was amidst significant market fluctuations which saw many digital coins fall in value.
OMG is currently trading at $3.87 and even though the figure is shy of its previous peak, its current performance means that OmiseGo is awake from its slumber and looks set to grow in the crypto space. On August 20, OMG announced a partnership between its network and Tether( USDT), arguably the most used stable coin. The partnership revealed that Tether was going to utilize OMG’s blockchain by moving its ERC20 token transfers onto OmiseGo, just days after Ethereum transaction fees started crippling major projects.
Tether is now going to run payments on a faster as well as cheaper OmiseGo network, a layer 2 network developed on the main Ethereum network instead of the old ways of sending payment on the base Ethereum network itself (layer 1). The digital currency is also backed by SMBC Venture Capital, Sumitomo Mitsui Banking Corporation, Japan’s Toyota Financial Services Corporation, and the Aioi Nissay Dowa Insurance Corporation. SYNQA also secured an $80 million investment capital SCB 10x, a subsidiary of the Siam Commercial Bank and Asia-based VC group SPARX.
The OMG network also recently received the green light by the federal agency in charge of regulating crypto assets in Japan, the Financial Services Agency (FSA), to sell its native crypto coin in the world’s third-largest economy. Recent developments surrounding the digital project only suggest a surge in the coming months and with its current price, OMG can be an absolute steal for investors.