OmiseGO (OMG) is designed to disrupt existing financial institutions: Unbank the Banked with Ethereum.
The technology comprises real-time currency exchange and payment services. A sender pays the invoice in a currency they prefer, and a receiver gets funds in either fiat currency or decentralized cryptocurrency.
The idea is to enable users to transfer funds via the network, with no need to have a bank account or pay any related fees.
Omise is not new to the market; it was founded back in June 2013. It provides internal and cross-border money transfer services. The company operates in Thailand, Japan, Indonesia, and Singapore.
At the beginning of 2017, Omise announced OmiseGO—a public Ethereum-based financial technology that enables value exchange across both fiat money and decentralized currencies.
The ICO started on June 27, and investors purchased around $25 million worth of OMG tokens (the ERC20 standard).
It is important that after having reached this mark, OmiseGO limited the token sale due to the possible "gold rush" threat.
On August 9, Vitalik Buterin and Joseph Poon published the Plasma white paper. The project's objective is to increase the transactional capacity of smart contracts. Instantly, the OmiseGO team announced their solution would be built upon Plasma. The announcement led to the OMG price rocketing up by 250% in a few hours and OmiseGO consequently becoming the largest Ethereum-based project with the record market cap of above $1 billion.
Currently, the OMG token is 15th in terms of market capitalization ($701,925,240), with 1 OMG equal to $7.14.
There are two main products—The OmiseGO Blockchain and The OmiseGO White-label Wallet SDK. According to the project's roadmap, they must be introduced in Q4. But there's a problem with such ambitious timelines, as OmiseGO announced its launch on the Plasma platform, which is itself still underway.
The team doesn't post updates very frequently. Two weeks ago, it published the first post on their blog. The text, however, was written back in June.
The founders Jun Hasegawa and Donnie Harinsut not only created an exciting project but also managed to bring in almost all Ethereum developers, including Vitalik Buterin, as advisors.
By the way, Vitalik promised he would use all of his advisor shares to invest in promising Ethereum projects.
The company has experienced devs and famous advisors. It had established contacts with Asian banks and formed the partnership with the corporation such as McDonald's. Moreover, it operates in the immense Asian market. All of the above factors give hope this investment will be successful.