The OMG Network scored a partnership that will prove its utility to deliver faster and cheaper transactions than Ethereum.
- The OMG Network has seen its token price double over the past few months as the utility of its network expands.
- Now, Bitfinex announced that it has integrated Tether into this protocol to deliver faster and cheaper transactions.
- Following the announcement, OMG rose over 20% and it could be poised for further gains.
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A wave of new developments has hit the OmiseGo (OMG ) Network, propelling its price to new yearly highs.
OmiseGo’s Utility Expands
The OMG Network, also known as OmiseGo, stole the spotlight in the cryptocurrency industry after its price skyrocketed, outperforming the rest of the market. Ever since Coinbase Pro announced that it would be adding support for this ERC-20 token, it entered a bull rally that saw the token rise over 200%.
OMG went from trading at a low of $0.76 to a new yearly high of $2.27 in a matter of seven days.
Although the sudden upswing appears to have reached an exhaustion point, the utility of this token is fast expanding, igniting a further upward advance.
The team behind it rolled out a Layer-2 scaling solution for Ethereum called Plasma that reduces costs by 66% and increases the processing capacity of the network. Hong Kong-based cryptocurrency exchange Bitfinex was one of the first firms to announce that it will take advantage of this product to deliver faster and cheaper Tether (USDt) transactions.
“By migrating USDt value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem,” said Paolo Ardoino, CTO at Bitfinex.
Along the same lines, Vansa Chatikavanij, CEO at OMG Network, affirmed that the partnership will help alleviate some of the fundamental issues on Ethereum, which is vulnerable to severe network…