OmiseGo (OMG) partners with Ethereum-based token Status Network (SNT): Price action remains muted
|- Status Network is preparing to integrate OmiseGo decentralized exchange in its growing ecosystem.
- OmiseGO focuses on building open infrastructure and open financial tools.
OmiseGo has been one of the hardest hit cryptocurrencies by the current bearish trend. There was an upside initiated on June 29 where the crypto surged and rose 22.9% to trade above $8.6 on July 3. However, the fireworks died shortly after canceling all the gains made, besides, OmiseGo is trading at $6.7 at the time of press. The selloff has also resulted in the trading volume falling by 13.4% in two days while the market capitalization decreasing from $800,708,00 to $740,573,000 in the same period.
Both OmiseGo (OMG) and Status Network (SNT) are Ethereum-based tokens. The OmiseGo website describes the project as “a scaling solution for finance on Ethereum, enabling transparent, peer-to-peer transactions in real-time. The decentralized network facilitates self-sovereign financial services across geographies, asset classes, and applications.”
Status Network, on the other hand, is more than just a messaging platform, it also gives the users the ability to send payments on the decentralized Ethereum protocol. It is focused on making users mobile devices to be light client nodes “on the Ethereum Network, enabling you to access Ethereum’s entire ecosystem from anywhere.”
Status Network and OmiseGo are strong projects and have promising futures ahead. The partnership announcement comes at a time when both tokes are struggling with increased selling pressure. The announcement on Twitter read:
“Today, we are proud to announce our partnership with @omise_go— one of the leaders in interoperability, on chain & cross chain transactions, & Plasma scalability research. Find out what this partnership means & the future road ahead visit our blog.”
There is going to be a collaboration between the two platforms in the months ahead. Status Network is preparing to integrate OmiseGo decentralized exchange in its growing ecosystem. In a recent blog post, Status Network team commented on the partnership:
“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.”
The community was very excited for the networks, a fan going by the name “CryptoAgent47” wrote:
“This is really huge amazing news for $SNT especially if $OMG can get plasma up & running to full 100% in the near future. This will empower the little people of the whole world with WeChat instant messaging & fast secure payments worldwide to anyone with a phone using crypto.”
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