OmiseGo overcome a Market Cap of $1 Billion
OmiseGo project is part of an already existing and successful fintech company Omise that was founded in 2013 and is serving Thailand, Japan, Indonesia and Singapore. This is a cover story from Forbes Thailand back in October 2016: “FINTECH ROCKSTARS shakes the Thai finance industry in Thailand 4.0”
Here is a link to their website if you want to check out the existing company and product. https://www.omise.co/ or on Facebook , Twitter , Youtube.
The Ethereum Exchange OmiseGo ICO Literally Finished Before it Even Started
The OmiseGo (OMG) pre-sale opened on June the 7th, with some complaining why it ended so fast, while the ICO was meant to begin on June the 27th, but as the cap was already reached, the ICO didn’t happen.
Jun Hasegawa, Founder of Omise.co / OmiseGO said ”
the firm could easily have raised more than $100 million from pre-sale interest, let alone with others following on when a public sale began, but it instead wanted to keep the figure low and be “responsible.” ”
Now OmiseGo gets another honorary title for being the first ethereum based token to reach a market cap of $1 billion, making it a unicorn.
The token has been in a bull run, rising from $1 to $10 this month, while doubling in only two weeks, with its volume standing at $170 million, much of it in dollars and Chinese Yuan.
Ethereum’s inventor Vitalik Buterin took part in Plasma(an Ethereum based project that dramatically increases the scalability. http://plasma.io/) with lead developer Joseph Poon.
After they publish the project, their token become powerful.
So presenting a protocol that operates sort of like the Lightning Network, considerably increasing transaction capacity for projects, like OmiseGo, which is working on a decentralized exchange.
What problems is OmiseGO aiming to solve?
Interoperability between closed payment systems (think Paypal, Visa, Alipay, Apple Pay, WeChat, TenX Cards). If I use Alipay and you accept payments through Paypal can we make a transaction? What about if I use Apply Pay and my landlord has Venmo? What if I only have Euros and you accept USD? OmiseGO creates a blockchain platform that allows exchanges between these closed systems without any of us actually having to use a OmiseGO wallet, though you may want to due to the reasons below.
Liberating currently unusable assets: There is a lot of assets trapped in closed systems that get stranded. AirMiles, Gift Cards, and Rewards points all have a value but are inherently difficult to use. OmiseGO is going to liberate them so that they can be spent.
Providing bank experience to those without a bank. A considerable amount of people own phones but do not have bank accounts. How do they make a PayPal account or purchase online? Omise has already been involved here but OmiseGO takes this even further. Facepay is an example of the technology Omise has developed.
A market cap level that used to be a rare occurrence, just last year, but now has become somewhat more common for digital currencies, while remaining rare for tokens.
Jun also posted a strategy on his Meduim channel. So you can learn it deeply.
By the way, they have already confirmed a collaboration with McDonalds Thailand, which might use OmiseGo for payment channels.
“But from a business angle, we’re launching OmiseGO to support Omise Payments and all existing stakeholders, including our existing and future merchants, such as McDonald’s in other countries in Asia — McDonald’s Thailand is just the start. Through OmiseGO, all Omise merchants will be able to seamlessly accept payments in multiple currencies, including ETH or BTC or other cryptos, without needing to know what their client is paying in.”
What do you think about that kind of payments? What another platforms you can advice?
Daria Chuiko — writer, journalist,ideas generator of a Digital Nomad Magazine. Originally from Odessa, Ukraine. Write about startups, blockchain, travel, Digital nomad lifestyle and everything what inspires me.
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