The last partnership list I wrote was Enjin (ENJ), a gaming focused crypto project. Today I’m giving you OmiseGO (OMG), a Thailand-based startup that is developing a decentralized financial infrastructure.
- AlgoZ (Source)
- Quantstamp (Source)
- Hydro Labs (Source)
- Krungsri Finnovate (Source)
- Nomura (Source)
- Ethereum Community Fund (Source)
- MVL (Source)
- ShinhanCard (Source)
The Partnerships in Detail
In August, 2019, OmiseGo partnered with crypto liquidity solutions and trading services company AlgoZ. The purpose of the venture will be to provide market-making and liquidity services for the OMG token, which currently has a market cap of about $112 million.
Saying that OmiseGo shares the same vision of blockchain technology as it does, AlgoZ will “by tightening trading spreads, adding depth to its order books, and protecting the OMG token from market manipulation.”
AlgoZ was established by Fingenom, an algorithm trading company that launched in 2011 and beagn cryptocurrency operations in 2016. AlgoZ has also worked with the popular Cardano (ADA) and Electroneum (ETN) projects.
OmiseGo and Quantstamp partnered in November 2018. The collaboration sees the latter audit OmiseGo’s network - specifically OmiseGo’s Minimum Viable Plasma (MVP) implementation.
OmiseGo is known for being the first implementation of Plasma. Two audits have been conducted so far. The second audit occurred as recently as January 2020. OmiseGo revealed in a blog post that Quantstamp had completed a security audit of OmiseGo’s More Viable Plasma.
Quantstamp is a blockchain security firm that has been backed by Y-Combinator and has served over 60 customers.
3. Hydro Labs
OmiseGo and Hydro Labs partnered in November 2019. The partnership will see Hydro Labs benefit from OmiseGo’s plasma solutions, a scalability solution that the Hydro team says will help against Ethereum scalability issues. On OmiseGo’s part, they will see a real world application of their plasma solution.
Hydro Labs is the team behind Project Hydro (HYDRO), and a division of Hydrogen, a leading fintech company. The company provides multiple fintech solutions, one of which is blockchain technology. Like OmiseGo, Hydro also focuses on the decentralized finance space, working on several decentralized applications for the purpose and building a digital identity management protocol.
4. Krungsri Finnovate
Krungsri Finnovate and OmiseGo’s parent company partnered in 2017. So how does this relate to OmiseGo itself?
Krungsri completed a Series B investment round in Omise in September 2017. Krungsri in its official statement specifically mentioned Omise’s work in blockchain technology and Sam Tanskul, Managing Director of Krungsri Finnovate, name drops OmiseGo. He explicitly says that “As part of a long term plan, OmiseGO...could potentially support our digital products and services such as KMA, Di-wallet, and U-Choose.”
Krungsri Finnovate is a subsidiary of Thailand’s Bank of Ayudhya and member of the Mitsubishi UFJ Financial Group (MUFG), the latter being a user of the XRP token.
In July 2019, Nomura funded parent company Omise. Again this may seem like a tangential relation to OmiseGo, but for the fact that some of the funding will be used to develop the OmiseGO, including the network features itself and the GO.Exchange, according to the official release. It states that “funding will be used towards the expansion of Omise Holdings’ subsidiaries...across various jurisdictions in the areas of payments, blockchain technology and digital assets exchange industries.”
Nomura is a Tokyo-based financial holding company that provides financial, securities, investment management and retail banking services, among other things. It was founded in 1925 and has assets worth hundreds of billions.
6. Ethereum Community Fund (ECF)
While not so much a partnership, Omisego, as a member of the Ethereum Community Fund (ECF), will collaborate with such projects as Golem Network (GNT), Cosmos (ATOM), Maker (MKR), Raiden and Global Brain Blockchain Labs.
OmiseGo and the ECF was announced in February 2018. The ECF’s goal is to “The ECF’s goal is to create an environment where teams and ideas can thrive, grow, and collaborate to become essential and functioning pieces of the broader Ethereum ecosystem.”
7. Mass Vehicle Ledger (MVL)
In November 2018, OmiseGo partnered with Mass Vehicle Ledger (MVL) to develop a Proof-of-Concept (PoC) for their ride hailing service. The PoC focused on whether the OMG network would be a good fit for MVL’s data record-keeping system. The two parties also revealed that they would cooperate for other technical and research purposes as well.
More recently, in July 2019, OmiseGo and MVL revealed more details about the partnership. The PoC is “to verify the suitability and performance of the OMG Network for MVL’s data record-keeping system.” The data from the MVL is recorded on the OMG blockchain. Future use cases could include facilitating crypto-payments and creating a mobility payments platform.
MVL created the protocol that supports Singapore’s popular ride hailing app TADA. It provides a range of vehicle-related features.
ShinhanCard signed a Memorandum of Understanding with OmiseGo in April 2018 to explore use cases in blockchain technology and fintech. While it involves the parent company, OmiseGo is a big part of the collaboration and blockchain initiatives feature prominently.
In January 2019, OmiseGo announced that results had come out of the MoU, with a cross-border Proof-of-Concept (PoC) aimed at expanding the ShinhanCard loyalty program internationally and enable borderless interoperability being established.
ShinhanCard is an affiliate of the Shinhan Financial Group, a major financial entity in South Korea.