OmiseGo (OMG) Partners with Korean Shinhan Card
Cryptovest
Published Apr 06, 2018 04:00AM ET
Updated Apr 06, 2018 04:31AM ET
OmiseGo (OMG) Partners with Korean Shinhan Card
The OmiseGo (OMG) project moved into a partnership with Shinhan Card, a Korean service, with the aim of bringing decentralized payment options to the card’s user base.
The partnership is at the stage of a “memorandum of understanding”, and also includes the Omise payment ecosystem, which uses traditional finance gateways to handle payments in Southeast Asia. However, the OmiseGo project, which will bring blockchain-based solutions in the coming months, was also on board with the signing.
Thus, the OmiseGo project now has connections with Shinhan Financial Group, one of the major banking players on the Korean market.
And while crypto payments aim to circumvent banks, at one point it is possible that banks adopt crypto payment channels.
After the news, the OMG digital asset remained in the green, with a small daily growth ot 1.75% to $9.02. OMG has remained relatively volatile, and has moved between $20 and $8 in the recent downturn. However, the asset remains relatively underpriced, mostly due to the fact that the project deals with the technical side and develops its system slowly, relying much less on marketing and hype. The hopes for OMG remain high, however, as the connection to the Asian fintech sector is strong.
The price remained largely unmoved by the announcement of a partnership with the Cosmos blockchain project. The news, presented on April 1, were possibly misconstrued as a joke, because of the style of the presentation, and the naming of the event a “hard spoon”. A “hard spoon” is explained as a copying blockchain, “a new chain that takes into account state from an existing chain”.
Vitalik Buterin, founder of Ethereum and a supporter of OMG, explained the partnership with the creation of a new token on top of an existing chain, which would reflect the balances in the other chain.
Additionally, the long-awaited Plasma protocol is set to launch soon due to speedy development, and in case buying returns, this may increase interest in OMG.
This article appeared first on Cryptovest
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