{"id":135342,"date":"2020-06-02T20:12:42","date_gmt":"2020-06-02T19:12:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=135342"},"modified":"2020-06-02T21:04:40","modified_gmt":"2020-06-02T20:04:40","slug":"thailands-omisego-rebrands-to-omg-network-tether-goes-ahead-and-issues-usdt-noting-ethereum-issues","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/thailands-omisego-rebrands-to-omg-network-tether-goes-ahead-and-issues-usdt-noting-ethereum-issues\/","title":{"rendered":"Thailand&#8217;s OmiseGo rebrands to OMG Network, Tether releases USDT noting Ethereum issues"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Late on June 1, Thailand\u2019s high-flying OmiseGo rebranded to OMG Network. The project was one of 2017\u2019s biggest ICOs, <\/span><strong><a href=\"https:\/\/techcrunch.com\/2017\/07\/05\/omise-go-ico-25-million-omg\/\">raising<\/a><\/strong><span style=\"font-weight: 400;\"> $25 million and going on to be valued at over a billion dollars in the successive months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The project also rolled out the Plasma sidechain yesterday, promising scalability for developers and a faster network for transactions.\u00a0<\/span><\/p>\n<h2><b>Network is paramount<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">OMG Network touts its main focus as building a \u201cshipping-ready network,\u201d explaining the launch of Plasma builds further on the firm\u2019s \u201cmain product,\u201d the underlying network that powers applications running on its native blockchain and the OMG token.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">New name, who this? We\u2019re glad to introduce ourselves to you all over again as OMG Network (<a href=\"https:\/\/twitter.com\/omgnetworkhq?ref_src=twsrc%5Etfw\">@omgnetworkhq<\/a>) \u2014 a name we felt was only fitting, here are three reasons why: (a thread) <a href=\"https:\/\/t.co\/MB6qrtUeUC\">pic.twitter.com\/MB6qrtUeUC<\/a><\/p>\n<p>&mdash; OMG Network (@omgnetworkhq) <a href=\"https:\/\/twitter.com\/omgnetworkhq\/status\/1267291782728974338?ref_src=twsrc%5Etfw\">June 1, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">On why the move from \u201cOmise,\u201d an official announcement notes the term refers to \u201cshop\u201d in Japanese, which is unsuited for a firm committed to running and developing a public blockchain network.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The parent firm\u2019s enterprise payments application, the <a href=\"https:\/\/cryptoslate.com\/companies\/omise\/\">Omise Payments Gateway<\/a>, remains active and different from the OMG Network\u2019s efforts. The two firms are, put together, <\/span><strong><a href=\"https:\/\/www.synqa.co\/about-us\/\">owned by SYNQA<\/a><\/strong><span style=\"font-weight: 400;\">, which rebranded from Omise Holdings in April 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OMG Network said its new logo and other design rebrands will be shipped to exchange providers and wallets soon.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, <a href=\"https:\/\/cryptoslate.com\/coins\/omisego\/\">OMG is valued at $0.70 per token<\/a>. The project has seen better token values, reaching an all-time high of over $25 in early-2018 \u2014 and even breaking into the top-20 cryptocurrencies by market cap on <a href=\"https:\/\/coinmarketcap.com\/\">CoinMarketCap<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soon after the rebranding, controversial stablecoin project Tether announced its issuing USDT stablecoins on the OMG Network\u2019s Plasma sidechain.\u00a0<\/span><\/p>\n<h2><b>Tether\u2019s OMG moment<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Tether, which recently slipped into third-highest valued blockchain over XRP, said reduced confirmation times, low fees, and the ease of deposits were factors behind the issuance of USDT on the Plasma sidechain operated on the OMG network.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Tether (<a href=\"https:\/\/twitter.com\/hashtag\/USDT?src=hash&ref_src=twsrc%5Etfw\">#USDT<\/a>) will be available soon on <a href=\"https:\/\/twitter.com\/omgnetworkhq?ref_src=twsrc%5Etfw\">@omgnetworkhq<\/a> OMG\/Plasma! <a href=\"https:\/\/t.co\/tQtFkMBQdK\">https:\/\/t.co\/tQtFkMBQdK<\/a><\/p>\n<p>&mdash; Tether (@Tether_to) <a href=\"https:\/\/twitter.com\/Tether_to\/status\/1267422746205663234?ref_src=twsrc%5Etfw\">June 1, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">In an <\/span><a href=\"https:\/\/omg.network\/bitfinex-usdt-tether-omg-network\/\"><span style=\"font-weight: 400;\">announcement<\/span><\/a><span style=\"font-weight: 400;\">, OMG Network stated it was delighted to partner with Bitfinex, Tether\u2019s parent firm, addressing the scalability issues and spearheading the adoption of \u201copen\u201d financial services.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Vansa Chatikavanij, the CEO of OMG Network, noted the network\u2019s Layer-2 scaling solution could support \u201cthousands of transactions per second\u201d at one-third the cost. Bitfinex CTO Paolo Ardoino added:<\/span><\/p>\n<blockquote><p><b>\u201cBy 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.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The blog cited Ethereum\u2019s vulnerability to \u201csevere network congestion\u201d under heavy demand, adding the network\u2019s transactions are capped at 12 per second. Gas fees increase \u201csignificantly\u201d over this value, said Bitfinex.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the integration, <a href=\"https:\/\/cryptoslate.com\/news\/tether\/\">Tether is now issued<\/a> on over seven blockchains, such as Ethereum, Omni, EOS, and Tron, among others.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Late on June 1, Thailand\u2019s high-flying OmiseGo rebranded to OMG Network. The project was one of 2017\u2019s biggest ICOs, raising $25 million and going on to be valued at over a billion dollars in the successive months.\u00a0 The project also rolled out the Plasma sidechain yesterday, promising scalability for developers and a faster network for [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":135364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Thailand&#039;s OmiseGo rebrands to OMG Network, Tether releases USDT noting Ethereum issues<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/thailands-omisego-rebrands-to-omg-network-tether-goes-ahead-and-issues-usdt-noting-ethereum-issues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thailand&#039;s OmiseGo rebrands to OMG Network, Tether releases USDT noting Ethereum issues\" \/>\n<meta property=\"og:description\" content=\"Late on June 1, Thailand\u2019s high-flying OmiseGo rebranded to OMG Network. The project was one of 2017\u2019s biggest ICOs, raising $25 million and going on to be valued at over a billion dollars in the successive months.\u00a0 The project also rolled out the Plasma sidechain yesterday, promising scalability for developers and a faster network for [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/thailands-omisego-rebrands-to-omg-network-tether-goes-ahead-and-issues-usdt-noting-ethereum-issues\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-02T19:12:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-02T20:04:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/omg-network-thailand.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/thailands-omisego-rebrands-to-omg-network-tether-goes-ahead-and-issues-usdt-noting-ethereum-issues\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/thailands-omisego-rebrands-to-omg-network-tether-goes-ahead-and-issues-usdt-noting-ethereum-issues\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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