OMG Network Guide | Learn Everything About OMG
OMG Network are a fintech company doing business in Thailand, Japan, Indonesia and Singapore. They provide a payment solution used by tens of thousands of merchants across Southeast Asia. And now the successful startup are trying to make lightning strike twice with the OMG Network.
Why OMG Network Coin Matters
OMG Network is an ambitious project trying to build a software development kit and blockchain solution to simplify electronic payment in Southeast Asia. It's important to understand that they aren't making a user side client. You could send USD to someone in Malaysia, on a mobile app, using the OmiseGo blockchain and not even realise it.
OMG Network Overview
Omise already has a proven track record of connecting merchants to software which allows them to accept digital payment methods, what could a company like achieve with a decentralised and open ledger?
Southeast Asia is Primed for Blockchain disruption
The where is as important as the what when considering investing in OMG.
Banking the Unbanked and Unbanking the Banked
73% of Southeast Asia is unbanked. That means a majority don’t have access to traditional banking infrastructure such as cards, loans, etc and primarily use fiat money for everything from getting paid to buying groceries.
Massive Remittance Markets
In the Philippines, OFW (Overseas Filipino Workers) account for about 30% of the nation's economy. All of this money is sent back into the country by expats working in the U.S, Europe, Australia, Middle East, neighbouring Asian countries and even cruise ships, oil rigs, and resorts.Business like Western Union thrive, and locally run Smart Palada, Cebuana lhuillier and Globe Gcash have all sprung up to accommodate that movement of money. Obviously, adoption of payment infrastructure varies across the entire continent, but remittance solutions are popular in other Southeast Asian countries like Indonesia, Malaysia, Myanmar, Vietnam, Cambodia, Laos, and Thailand.
People are ready to adopt blockchain solutions to circumnavigate or improve on the fractured markets. OMG Network already has merchants, prominent investors, and large financial institutions backing them
Merchants who already using OMG Network payment solutions
- McDonalds - 150 Million USD
- Dtac - 36 Million
- True - 3.7 Billion USD
- Thai Airway - 5.4 Billion USD
- Alianz Ayudhya - 2.35 Billion USD
- AXA - 102 Million USD
If you want to invest in OMG Network, it is worth researching the relationship between OMG and all these companies. However, the important take away here is that OMG have done their due diligence and there is demand for their product if they can deliver on what was promised. Oher partnerships are rumoured to be in the works, but nothing concrete has been confirmed yet.
The OMG Network Management Team
Lead by an experienced duo who are no strangers to the startup world. Jun Hasegawa has over 16 years of professional experience in web & product design and previously held several management positions with Alpha-do Inc. in Japan. Donnie Harinsut has proven his worth securing some of the largest companies in the region as partners for Omise and hopefully OmiseGO.
OMG's Dream Team of Advisers
- Joseph Poon, co-author of the lightning network, is the principle author of OmiseGO.
- Vitalik Buterin, the founder of the Ethereum blockchain network.
- Dr. Gavin Wood, coded the first functional implementation of Ethereum with Vitalik. A world-leading computer scientist with significant contributions to C++
OMG Network's price and other Trading Information
At the time of writing (June, 2021) OMG is trading just north of $5 with a market capitalisation of $738 Million. The all-time high for OMG Network (previously known as 'OmiseGo") was $25.62 set in January 2018.