OmiseGo’s and Spoon: What actually is it?

OmiseGo’s and 

Partnership with

Cryptocurrency startup OmiseGo has entered a new partnership with ShinhanCard. It’s an affiliate of the Shinhan Financial Group, to accelerate the development and adoption of blockchain technology across Asia.

The partnership is at the stage of a memorandum of understanding (MOU), and also includes the Omise payment ecosystem, which uses traditional finance gateways to handle payments in Southeast Asia.

“Omise and OmiseGO are working to revolutionize the way digital value moves globally, with an end goal of creating a platform that facilitates a decentralized economy. We want to make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network.” Said Jun Hasegawa, Omise CEO, upon completion of the MOU deal.

How is it helpful?

For Omise, the MoU makes sense strategically, as it will help them exert a presence outside their home countries in Southeast Asia and Japan. And for OmiseGO, it presents an opportunity to work towards a longstanding partnership with ShinhanCard. This can very well combine their payment technology expertise with the OmiseGO blockchain technology.

The deal will bring decentralized payment options to the Shinhan FAN Card’s user base while aiding Omise expansion beyond its home base in Southeast Asia and Japan. As for OmiseGO, it presents an opportunity to work in a long-standing partnership with ShinhanCard, which could well combine its payment technology expertise with OmiseGO blockchain technology.

The MOU deal comes after the OmiseGo partnership with blockchain startup Cosmos to undertake a hard spoon, which means that the OMG token will be duplicated onto a Tendermint chain that gets connected to Cosmos.

Following the announcement, the OmiseGo (OMG) appreciated more than 3%, currently trading a little above $9 with a total market of approximately $920 million according to Coinmarketcap.

Also read: OmiseGo’s and Spoon: What actually is it?

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