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OMG Foundation is a Bangkok-based financial services company specializing in developing and launching solutions for cryptocurrency transfers, specifically for ETH and ERC20 tokens. The company was founded in 2017 and was acquired in 2020 by Genesis Block HK, an over-the-counter (OTC) trading company, for an undisclosed amount.
OMG Foundation is a decentralized peer-to-peer (P2P) network that allows for a high volume of throughput of specific cryptocurrencies. It allows for up to 4,000 Ethereum token transfers per second, which is significantly higher than the Ethereum network. The platform can be used to access, manage, and transact with digital assets on the blockchain. OMG Foundation uses Layer-2 Plasma architecture for its platform, which enables third-party users to build scalable decentralized payment apps, according to the company's whitepaper.
Users must first connect their digital wallet, such as MetaMask, to the platform to use it. There also must be ETH tokens in a user's wallet to use OMG Foundation, and those can be purchased through various methods such as an exchange or being sent some from another person.
