OmiseGo (OMG) Witnesses Strong Buying Interest Amid Plasma Upgrade

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Recently, Tether announced its integration with the exclusively launched OMG Network Plasma sidechain previously known as OmiseGo.
  • As per sources, the popular stablecoin Tether (USDT) is now available on a plasma-based Ethereum’s sidechain, OMG Network.
  • Also, on June 01, 2020, OmiseGO rebrands to the OMG Network for transparency and distinction.

Recently, Tether announced its integration with the exclusively launched OMG Network Plasma sidechain previously known as OmiseGo. Tether aimed to offer cheaper transactions as Ethereum’s fees climb sharply.

OmiseGO rebrands to the OMG Network

As per sources, the popular stablecoin Tether (USDT) is now available on a plasma-based Ethereum’s sidechain, OMG Network.  Also, on June 01, 2020, OmiseGO rebrands to the OMG Network for transparency and distinction.

Besides this, the new rebrand OMG network has exclusive V1 Mainnet Beta. It includes a new website, a block explorer, and a demo wallet to trace the transactions.

However, USDT is looking forward to easing the burden on the Etherum network. By assigning some of the volumes to the OMG network. Paolo Ardoino, Bitfinex’s CTO stated that the company saves money by transferring USDT value transfers to the OMG Network. Along with this, it also boots out the pressure on the root chain network.

OMG-based Tether network will be available through Bitfinex

Additionally, the OMG-based Tether network will be available through Bitfinex. It will offer users to get faster trading opportunities, Ardoino notified.

The news of V1 Mainnet Beta buzzed in the market just a few days after OMG listed on Coinbase Pro. This indicates a 100% increase in the price in the upcoming days.

Moreover, OmiseGo is currently spotted in the cryptocurrency market after experiencing a remarkable rally in the past weeks. After the big news of Coinbase Pro adding support to OmiseGo, its price skyrocketed over 200%.

OMG started trading at a low of $1.58 on 31st May 2020, to reach a high of $1.72 at press time.

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