Valued by 50 Percent in a Week: What is OMG Network?

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OMG Network gained value close to 50% in 1 week and entered the radar of crypto money investors. What does OMG Network do and what is an OMG token with a market value of more than half a billion dollars?

OMG Network (OMG) appreciated close to 50% last week with its rising trend. OMG exceeded the $ 4 threshold with this increase. OMG price went up to $ 4.78 in 7 days. OMG Network had dropped to $ 0.35 in March 2020, with the market crash.

OMG ranks 67th among the most valuable cryptocurrencies with a market value of $ 637.6 million. For OMG, the daily trading volume exceeds $ 827.8 million. OMG price hit its all-time high at $ 25 in 2018.

What are OMG Network and OMG tokens?

OMG Network is a layer-2 scaling solution built for Ethereum network. Its old name is OmiseGo. Thanks to OMG Network, users can perform faster and cheaper transactions on Ethereum network with ETH and ERC20 based tokens. In this way, the platform aims to alleviate the scalability problem in Ethereum. With MoreViable Plasma, the side-chain technology used by the platform, thousands of transactions can be scaled per second.

Founded in 2017 as OmiseGo, OMG Network is managed from Thailand headquarters with more than 50 employees in many regions of the world. The platform operates as a subsidiary of SYNQA, a Thai-based fintech company. The OMG Network project aims to reduce the carbon footprint of the network while recommending speed and low cost for Ethereum transactions.

The platform’s native crypto currency is OMG token. OMG token has raised a fund of $ 25 million with the ICO in 2017. SYNQA recently raised an additional $ 80 million for OMG’s series with the participation of major investors such as Toyota. The maximum supply for OMG is set at 140 million 245 thousand 398, and the entire supply is in circulation.

OMG coin is listed on exchanges such as Binance, Huobi, OKEx, Coinbase, HitBTC, Bithumb, Bitfinex and Kraken. Trading can be done at stock exchanges such as Bitexen and Paribu at local level.