This is why investors fell in love with the project: After a slow year, OmiseGo (OMG) picking up the pace again
After drawing a lot of criticism by their own community for the lack of communication, sloppy updates and almost no activities on the business side of the project, things are starting to swing back in the right direction for OMG.
Bear markets usually cause a blunt silence when it comes to substantial news around projects and the only hope for most of the projects to see actual news was in one way or the other connected to Coinbase exchange.
OmiseGo got some shine thrown their way by appearing on of the services Coinbase offers, the Coinbase Custody service for financial institutions. It also appears that this service of Coinbase will also support staking of OMG through their wallet, which is a big deal as big investors can earn passive income with such service, and there is nothing that rich people like than money working for them without them breaking a sweat.
Coinbase Custody is a new service launched by Coinbase related to storing crypto, where it allows ‘Digital Asset Custody For Institutions’. e.g. it allows crypto hedge funds, exchanges and ICOs to store their crypto within Coinbase. Prior to the release of this, and similar products, storing very large amounts of crypto securely has been difficult, with many exchanges and ICOs being hacked and their funds stolen. This offers these exchanges/ICOs a place to store their crypto safely, and under the custody of Coinbase.
An important feature of Coinbase Custody is that it’s regulated, more specifically it’s partnered with ETC(Electronic Transaction Clearing), which is an “SEC-registered broker-dealer and FINRA member subject to regulated financial reporting and independent audits”.
It is a testament of reputation for OMG to see their logo among the logos of the very top cryptocurrencies in the market. Every Coinbase Custody project is also listed on Coinbase exchange aside of XRP and OMG. This could mean something for their future chances to be included in the exclusive list of coins you can buy directly on Coinbase.
OmiseGo also signed a memorandum of understanding (MOU) on Nov 13 with Mass Vehicle Ledger (MVL), the company behind the popular ride-hailing app TADA. The agreement will see the two companies collaborate on research and technical development.
The two companies hope to develop a strong proof-of-concept (POC) for how blockchain, and the OmiseGo platform specifically, can improve the TADA app. The collaboration might even see the two working together to bring crypto payments to the taxi service.
TADA is aiming to provide a new type of ride hailing service for the city-state of Singapore. According to their website it aims to reduce ride hailing service prices by eliminating any commission fees such a service would usually collect (think uber) with the exception of the transaction fee when using debit/credit cards.
