Layer-2 Ethereum scaling solution OMG Network got acquired by Genesis Block Ventures (GBV). GBV is a subsidiary of Genesis Block, a Hong Kong-based trading firm. The sum paid for OMG network was not disclosed.

Canada-based 3iQ Corp announced on Thursday that Canadian regulators have approved a prospectus for “The Ether Fund,” opening the door for more traditional investors to gain exposure to Ethereum. The Ether Fund initial sale will offer shares until 10 December.

Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc., disclosed that his firm had bought 2,574 bitcoins for $50.0 million in cash bringing the company's treasury holdings to approximately 40,824 bitcoins.

 

Layer-2 ETH Scaling Solution OMG Network gets Acquired

Layer-2 Ethereum scaling solution OMG Network got acquired by Genesis Block Ventures (GBV). GBV is a subsidiary of Genesis Block, a Hong Kong-based trading firm. The sum paid for OMG network was not disclosed.

GBV has plans to grow the adoption of OMG Network across the world with an initial focus on Asia. "A number of integrations and partnerships are in the works," said GBV, adding that it will work with OMG "to leverage resources and explore new directions, such as building lending and trading platforms, to achieve DeFi's massive adoption and growth potential."

The OMG network was first announced in 2017 and raised $25 million in an ICO, since then it's parent company raised $80 million in a Series C in June 2020. Its mainnet went live in June of this year. The network claims to support "thousands of transactions per second at a third of the cost of the same transaction on Ethereum."

New Fund Exposes Canada's Traditional Investors to Ethereum

Canada-based 3iQ Corp announced on Thursday that Canadian regulators have approved a prospectus for “The Ether Fund,” opening the door for more traditional investors to gain exposure to Ethereum. The Ether Fund initial sale will offer shares until 10 December.

The Ether Fund offers shares for sale that represent ownership in a managed fund tracking the value of Ethereum, controlled by 3iQ. Like the existing Bitcoin Fund, Investors will be able to buy and sell shares of the Ether Fund on the Toronto Stock Exchange under the symbol QETH.U.

Earlier this year 3iQ launched The Bitcoin Fund with MVIS CryptoCompare Institutional Bitcoin Index, which launched in Canada in April 2020. Before it can activate, it will require a minimum of $20 million invested by December 10, and has a maximum total investment of $107.5 million.

MicroStrategy Continues Stacking Sats, This Time Buying 2,574 Bitcoins

On Friday (December 4), Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc., disclosed that his firm had bought 2,574 bitcoins for $50.0 million in cash bringing the company's treasury holdings to approximately 40,824 bitcoins.

On August 11, MicroStrategy announced their first bitcoin purchase in a press release that said the firm had “purchased 21,454 bitcoins at an aggregate purchase price of $250 million” to use as a “primary treasury reserve asset.” MicroStrategy's shares have risen $170% since Saylor first hinted the firm's interest in BTC in late July 2020. 

Saylor said the latest purchase is part of MicroStrategy's treasury reserve policy of eschewing inflation-prone cash for bitcoin. The 55 year-old executive heralds bitcoin as the "most rational" vessel for value storage anywhere in the world.

State of the Crypto by Top Tier Exchange Volume

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