Genesis Block Ventures, a subsidiary of Hong Kong based over-the-counter firm Genesis Block, has purchased OMG Network (OMG) for an undisclosed amount, according to an official announcement published on Dec. 3.

• GBV made the purchase with DeFi in mind, hoping to leverage OMG’s scaling solutions to “achieve DeFi’s massive adoption and growth potential”
• Acquired from parent company SYNQA, GBV will help encourage adoption of the OMG Network through integrations and partnerships
• The project’s short term goals will remain unchanged, and existing partnerships and initiatives will continue as normal
• Founded in 2017, OMG Network is a layer-2 Ethereum scaling solution based on the Plasma technology
• OMG network has hit multiple milestones in 2020, launching its mainnet in June and integrating Tether
• The price of the OMG token has not been greatly affected by the news, sitting at $3.58 at the time of publishing