OmiseGo, or OMG, as its short form goes, is a cryptocurrency that follows a decentralized trading format. It works as a white-label wallet and has been built on the Ethereum blockchain by Omise. Omise is a financial services firm based in Thailand.
A white label wallet is a generic product that can be used by a lot of cryptocurrencies. It can be used to access and trade in different cryptocurrencies while retaining its independence.
The reason OmiseGo is valued is because of its feature allowing transfers between different blockchains without involving third-party exchanges. It also facilitates transfers between blockchains and traditional financial services like SWIFT and VISA. The OmiseGo platform is more practical for business use in real-time, as it is both quick and convenient.
OmiseGO is a public forum technology that was initially designed to work on Ethereum. Ethereum itself is an open-source, open blockchain technology with smart functionality. OmiseGo switched to its blockchain in 2018, designed for easy use, facilitating real real-time trading of assets between two or more users.
OmiseGo allows trading without needing the presence of a third party that other currencies usually require in places where such services are not developed. OMG makes it easier to do cross-format trading. People working across traditional currencies and cryptocurrencies find it convenient to use this network.
What OMG Means for Payments
It can become an alternate platform for financial and digital commerce. OMG’s services will mean that people will not have to go through the traditional bank, card, and commercial exchange platforms. The options for B2B commerce, e-commerce, remittances, and cross-format exchanges are infinite, along with the cost savings that OmiseGo offers.