Altcoins OmiseGo improves scalability and security of top South Korean banks
OmiseGo has collaborated with two of the top financial institution of South Korea after Ripple [XRP] and EOS [EOS] had been successful with their collaboration with other financial institutions. Shinhan and Woori are the two prominent banks of South Korea which have secured dealings with OMG which was announced last month. Both banks had signed memorandums for incorporating OmiseGo’s blockchain platform for the pursuance of their financial transactions.
The interest of OmiseGo in the Asian Pacific Economic Committee [APEC] venture regarding the role of blockchain technology in providing financial services and other transactions is seen as an important part of the adoption of the blockchain technology.
The legality of digital currencies or cryptocurrencies in general is still a huge concern for a vast majority of people. But the founder, and CEO of OmiseGo, Jun Hasegawa feels that these digital coins are the perfect asset which can be traded or used as a store of value. She said that the cryptocurrencies are versatile, stable, private and scalable.
The Cryptocurrencies are incorporated within the core system of traditional trading and the financial system which eases the whole procedure of global transactions. However, Jun Hasegawa had also said that at the moment fiat-currency is denominating in the world as cryptocurrency market is still comparatively smaller in size. The cryptocurrency market has an estimated value of $400 billion whereas the entire world runs on fiat currency which has an estimated value of $280 trillion.
Jun Hasegawa mentioned:
“there are immense development and growth in cryptocurrency, but they still have got a long way to go.”
There is a positive outlook with OmiseGo [OMG] on the frontlines as the price of OMG is still on the rise. OmiseGo is currently trading at the 21st position in the market with a market cap of $1.6 billion. At 4:30 AM UTC, OMG was trading at $15.99 with a slight growth of 3.03%.