Nina

Dec 04, 2020

SYNQA subsidiary OMG Network joins Genesis Block Ventures (GBV)

Statement from SYNQA

OMG Network was established as a SYNQA subsidiary in 2017 to pioneer the development of Layer-2 infrastructure to support the ethereum blockchain ecosystem. SYNQA’s group mission is to “democratize finance through technology” and OMG Network has developed its Layer-2 blockchain solution to promote greater financial inclusion. This year, OMG Network completed its commercial launch — a major milestone and successfully integrated Bitfnex to allow the movement, deposit and withdrawal of USDt. With GBV’s strong presence in the DeFi ecosystem, SYNQA believes OMG Network will accelerate the expansion and adoption of its technology and continue on the path of providing greater financial inclusion.

The SYNQA Group will continue to develop blockchain technologies and other alternative technologies that can further the goal of decentralizing finance. SYNQA will be focusing on the development of business use cases for enterprise solutions.

Statement from GBV

GBV, a full-service investment firm working with Genesis Block HK, is proud to announce the acquisition of OMG Network (OMG), the leading Layer-2 scaling solution for Ethereum.

Established in 2017 under the name OmiseGO, the rebranded OMG Network has an established brand and experienced team — an exceptional opportunity for GBV to leverage OMG Network’s technology, expertise and community. OMG Network is committed to fostering the continued growth of the OMG ecosystem.

With its well-established blockchain ecosystem across Asia, the Hong Kong-based GBV will be making a significant commitment to accelerate the development of OMG Network and expand its valuable partnerships, with an aim to further enhance the adoption of OMG Network.

GBV is a private investment firm with a mission of building the future through blockchain. GBV has deployed multiple projects in the decentralized finance (DeFi) revolution this year and has built strong relationships with companies in the space.

OMG Network is a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum. It is designed to support the transfer of ETH and ERC20 tokens with a throughput of thousands of transactions per second, scaling Ethereum and making it enterprise-ready.

GBV will utilise its broad range of relationships in blockchain to help expand OMG Network’s opportunities in the decentralized finance space and assist in its growth in other markets.

About SYNQA

SYNQA is a holding company founded in 2015 with FinTech expertise in Asia. SYNQA specializes in online payment for fintech applications, and digital transformation. SYNQA connects people, businesses and society in innovative ways that spread the wealth of financial opportunity and provide fair and open access to a growing economic ecosystem. For more information on SYNQA, visit www.synqa.co or follow us on Twitter.

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