OmiseGO (OMG) firm bought by CP Group for $150 million, price up 12%

29 Mar, 2019 | Updated: 29 Mar, 2019
by David Robb
News
OmiseGO (OMG) firm bought by CP Group for $150 million, price up 12%

The largest private company in Thailand has bought out the software firm behind the OmiseGO (OMG) crypto network. Charoen Pokphand Group (CP Group) acquired payments company Omise for around $150 million, as reported by TheBlock.

CP Group is headed by billionaire Chatchaval Jiaravanon, and the family that owns the company is ranked as the fourth-wealthiest in Asia, with a net worth of around $36.6 billion. The company is looking to invest in more promising crypto firms following this acquisition of Omise.

Read more: Omise successfully receives investment from Japanese VC firm Global Brain

Omise was founded in 2013 and provides a payment gateway to customers in Thailand as well as Japan, Singapore and Indonesia. Its token sale for OMG in 2017 raised around $13 million, and the crypto is currently ranked 20th by total market cap ($279.2 million).

Perhaps in response to this positive news, OMG is now up over 12 percent for the 24h period.

Image from Gyazo

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