OmiseGo (OMG): Picking Up Where It Left Off

The Crypto-space was buzzing with movements this month, with almost all tokens feeling the effects of a “bullish” breakout earlier this week. Indeed, it is an encouraging time for crypto projects around the world, as major investors like the Soros Fund, the Rothschild, and Rockefeller families hop into the “crypto-bandwagon”. With Bitcoin more or less maintaining the $8000 mark, things look positive for the Cryptocurrency market on the whole, especially for second-tier cryptocurrency OmiseGo (OMG).

OmiseGo which is a Cryptocurrency from Bangkok based Omise has experienced considerable success since the closure of their $ 25 million ICO last year. At the time of writing, OmiseGo is placed at 19^th place, with an impressive market cap of $ $1,506,964,404 USD. It is currently valued at $14.77 USD as of 18/04/18 and is on a steady upward climb.

However, things weren’t so positive at the beginning of the month, with OmiseGo’s price dropping to a shocking new low of $ 7.52 on April 2^nd. Much of this can be attributed to the overall slump the Cryptocurrency market has was experiencing at that point, with more or less every Cryptocurrency getting affected negatively. However, things are on a sharp rise ever since, with positive market sentiments forming as a result of the latest development updates from the OmiseGo team.

What has OmiseGo been up to this month?

The month of April was hugely successful for the OmiseGo team, both in terms of market valuation and technological viability. As a result, OmiseGo’s price surged up by a considerable degree and has not dropped ever since. Two Important events are behind OmiseGo’s success, which is discussed in brief below.

1. Tie-Ups with South Korea’s Top Banks: Following a similar path to that of Ripple and EOS, the OmiseGo team announced on April 6^th that they have secured deals with Shinhan and Woori, two of the largest commercial banks operating in South Korea. This indeed marks a breakthrough for the Cryptocurrency industry, after the failed attempt at securing a deal with Kookmin, one of the largest banks in the region. Since the announcement, both banks are working on developing a series of blockchain and Cryptocurrency based initiatives With OmiseGo.

The Signing of the memorandum of Understanding (MoU) with both the banks will open the doors for blockchain utilization in the banking industry. For instance, the credit card department of Shinhan Bank has announced plans of implementing blockchain technology using OmiseGo. Omise is also developing the Shinhan FAN card which will essentially use the OmiseGo blockchain for overseas merchants.

2. OmiseGo and APEC: On April 17^th, the CEO of OMiseGO announced that it was working on projects with the Asia Pacific Economic Committee for developing blockchain based payment and financial services. Being involved with a multinational organization like APEC would have a positive impact on OmiseGo’s viability as well as value. Following this announcement, Ethereum founder Vitalik Buterin was appointed as an advisor to the OmiseGo board, strengthening the technological potential of the whole project. This can be evidenced by their Proof of Stake algorithm, which was a valuable contribution from Vitalik.

Final Thoughts:

Out of the majority of the top 20 coins, very few have experienced an appreciation in value like OmiseGo. In fact, following the South Korean Bank Deal announcements, positive investor sentiment pushed up its value from$ 8.88 (open) on 6^th April to $9.23 in the span of 24 hours. In fact, OmiseGo’s performance has been climbing steadily since then, reaching a high of $13.96, $14.36, $15.59 and 15.69 respectively in the past 4 days. Thus analysts agree that the upward trend of OmiseGo can continue well into the second quarter of 2018. Positive news involving OmiseGo will further fuel its popularity, as more and more companies look to integrate its technology.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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