OmiseGo (OMG) announces a new interoperability partnership

OmiseGo was one of the stronger gainers of this month, as it managed to go up from $6,71 USD at the beginning of July to $8,71 USD just a couple of days later. It has since lost almost a half of what it gained during that run, as it slowly bled out to the current levels of $7,70 USD. Today’s price of OmiseGo sits at $7,74 USD, which is a decrease of 4.87% in the last 24 hours. The token boasts a market cap of $789,639,960 USD and is currently holding the 21st spot of coinmarketcap’s list of most valuable cryptocurrencies.

In recent news, OmiseGo partnered up with Ethereum-based mobile dApp browser and messenger called Status (SNT). The partnership will have these two companies work together on seamlessly integrating OmiseGo’s on-chain/cross-chain potential and Plasma capabilities into the Status network, creating an interoperable system that will be able to send transactions across multiple blockchains.

The projects initially connected through Ethereum’s Community Fund and have since decided to embark on this crypto integration journey together. First step of the journey will be to integrate OmiseGo’s DEX (decentralized exchange) with the Status network and will be followed up with the teams looking to conduct additional scalability research. The official blog post by the Status organization says:

“Status and OmiseGO share a common vision to make the world a more open and equitable place through easy access to the Ethereum public blockchain. While OmiseGO focuses on building open infrastructure and open financial tools, Status focuses on putting these tools into the hands and pockets of people around the world. We believe that accessibility to such decentralized exchanges will help force the shift away from incumbent social systems towards the use of cryptocurrencies and a viable global economy.

Jun Hasegawa, the CEO of OmiseGo praised the partnership as well:

“The mission of OMG is to put the capabilities of crypto to work for the needs of the real world; Status brings great value to the OMG Network with a multifaceted user-facing platform leveraging OMG’s back-end infrastructure. This partnership is a step forward for our respective projects, the community and the blockchain industry.”

OmiseGo is nearing the release of their DEX, which will be a scalable, secure, Proof-of-Stake platform letting you trade any digital asset you want. It will also enable transaction with digital fiat platforms and economies through collateralized fiat tokens. Alongside DEX integration, OmiseGo’s  Plasma-based wallet will be integrated into Status wallet as well. The Status Beta has been released just a couple of weeks ago.

The community reacted favorably to this partnership, and James_D_H from Reddit sums it up nicely:

“Status integrating the OMG SDK wallet! A perfect example of how network adoption will grow.”

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