Toyota backed crypto, OmiseGO, gains 19%
- 20th August 2020
- Posted by: Hakeem
- Category: CryptoCurrency
OmiseGO, an Ethereum token that energizes smart contract platforms and trades under a ticker known as OMG, is fast gaining the attention of investors and crypto-traders globally.
Data from Santiment Research company on Twitter showed that OMG had defied the altcoin Wednesday, bleeding “with a solid +19% price performance in the past day. It’s the second trending crypto-asset according to our percentage gain from mean social data, and it’s enjoying the largest long-term social spike since April.”
Thailand-based Fintech firm, SYNQA, the parent company of OmiseGo (previously called Omise Holdings), recently secured $80 million in capital via a Series C investment round led by SCB 10x, a subsidiary of the Siam Commercial Bank. Asia-based VC group SPARX also took part in the round.
Other investors include Japan’s Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and the Aioi Nissay Dowa Insurance Corporation.
Data from Coinmarketcap, the crypto analytic ranking firm, showed that it’s now ranked the 34th most valuable crypto asset with a market capitalization of $486 million.
What gives OMiseGo the edge over many altcoins is its total limited supply of just 140,245 million OMG coins. This shows that the crypto asset is very unlikely to suffer from asset dilution.
What you need to know: The OMG coin was designed as a white-label eWallet. It was designed on the Ethereum blockchain by a Thailand-based financial services company called Omise. Its full name is OmiseGo.
OmiseGo helps in easing the transfer of coins from one blockchain to another without using a crypto exchange.
Most blockchain ecosystems are limited by low throughput, high and unpredictable transaction fees, and poor user experience.
The project’s team believes these are barriers that need to be overcome before businesses and developers will adopt blockchain for real-world applications, leading them to develop the OMG Network.
Just recently the federal agency in charge of regulating crypto assets in Japan, the Financial Services Agency (FSA), has given OMG Network, formerly known as OmiseGo, approval for the sale of its native crypto coin in the world’s third-largest economy.