OmiseGO (OMG) Almost at $1 Billion; Whats Next for OMG
In mid-November, one of China’s main exchange platforms and the 14th largest exchange globally, Huobi announced the listing of OmiseGO (OMG) tokens which are known as OMG. These OMG tokens are available in pairs with Ethereum and Bitcoin i.e. OMG/ETH and OMG/BTC respectively. Huobi joins the more than 40 exchange platforms that offer OmiseGo tokens for trading with the bulk of transactions happening on the US exchange Bittrex with the Chinese Finance closely following.
Image 1 – OmiseGO (OMG) Charts – Source: https://coinmarketcap.com
The decentralized digital exchange
One of the reasons everyone is rushing to acquire OmiseGo is its potential to phase out exchange platforms completely. This would make its native cryptocurrency, OMG, among the most valuable in the market in a similar manner to how smart contracts singlehandedly made Ethereum the second most valuable digital currency.
The exchange process is tedious and costly. When a user who owns Bitcoins or XRP and wishes to exchange these for another currency such as IOTA or ADA, he has to use an exchange platform. These exchanges are centralized institutions which is quite ironic as centralization of the monetary system is the very thing cryptocurrencies were developed to fight.
These exchanges also charge exorbitant fees and this makes many users shy away from trading which in the long run works against the whole system. This will all change, however, with OmiseGO (OMG) being the agent of change. The OmiseGo platform will facilitate the decentralized exchange of value at high volume and low cost. As more people adopt this decentralized method, the demand of OMG will rise to unprecedented levels as will the price.
Taking the best from Ethereum
Rather than develop their network from scratch, the developers of OmiseGo decided to use Ethereum’s infrastructure and build their platform on Ethereum’s main net. Ethereum has the most advanced blockchain technology in the market, having been the pioneer of the smart contract’s program that has since then become an industry standard. This enables the OmiseGo to tap into Ethereum’s technology and benefit from all the advancements while at the same time saving themselves the time and resources which they can then use to develop other aspects of their technology.
Strategic partnerships and acquisition
The able and competent leadership of OmiseGo is another reason for its success. The success of any digital currency can be hinged on who it associates with and especially as there are still skeptics who become convinced only after major corporations endorse a currency.
MacDonald’s, one of the largest restaurant chains in the world is working out a partnership with OmiseGo that will see OmiseGo being accepted as a payment method in their establishments. The pilot phase is expected to begin with MacDonald’s Thailand which has over 240 establishments. The success of this venture would see OmiseGo being used in over 36,000 MacDonald’s worldwide and this would make OMG among the most widely used currencies. The success of this venture would also bring in countless other retailers who would want to capitalize on the widespread use of OMG.
OmiseGo has also made strategic acquisitions such as PaysBuy, one of Thailand’s largest payment services providers. This saw OmiseGo take over PaysBuy’s assets including a digital wallet and payment gateway as well as its customers. These partnerships help OmiseGo adapt to changing consumer preferences.
Why you must invest in OmiseGo
OmiseGo’s most iconic feature is a decentralized exchange. It will change the way people trade digital currencies by acting as a platform where any currency can change hands at negligible fees and where the process is fast and efficient. This is something that users have been denied for a long time and in the very near future, OmiseGo’s exchange platform will be handling the bulk of exchanges. This will push the price of OMG through the roof as well as its market capitalization which currently stands at just over $900 million.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.