OmiseGo Price Falters Despite Thai Ministry of Finance Embracing Facepay Solution

Given the recent influx of cryptocurrency ICO projects, it can be quite difficult to know everything that is going on these days. OmiseGo is one of those new digital assets which has seemingly taken the world by storm. Its market cap is growing quickly, and it appears the Thai Ministry of Finance is publicly advertising one of the company’s products. Now is a good time to take a look at what this project is about and why the value of OMG is going up so quickly.

OmiseGo Price Surges Amid News From Thailand

The Omise platform is quite an interesting concept, as we covered before. Rather than banking the unbanked, the team aims to unbank the banked. An ambitious goal on paper, but in a way, most consumers are already doing this themselves. Although it appears we rely on banks more often than not, cash and alternative investment solutions are pretty popular. OmiseGo wants to take things one step further by providing real-time P2P value exchange and payment services to everyone in the known world today.

Since users of the OmiseGo platform don’t need a bank account whatsoever, the platform is accessible by anyone. Additionally, the company uses the Ethereum blockchain to provide these financial services to the rest of the world. They also successfully concluded a cryptocurrency ICO not too long ago, which resulted in the creation of OMG tokens altogether. This token can be used across all services making up the OmiseGo blockchain, including their decentralized exchange, liquidity provider, and asset-backed gateway.

There is also the white-label OmiseGo wallet SDK, which allows for a diversity of payment solution to be deployed on the OmiseGo network. This means the technology can be integrated into any solution existing today or in the future. So far, the Omise company is active in Indonesia, Japan, Thailand, and Singapore, as it has done since 2013. They have attracted a lot of investors these past few years, including SBI Investment and Golden Gate Ventures. Moreover, their advisors include Joseph Poon, Gavin Wood, Vitalik Buterin, and Vlam Zamfir, among others.

It is pretty uncommon to see established companies host their own cryptocurrency ICO. Then again, the crowdsale has been a success, as they raised $25m in quick succession during their sale. Quite an impressive amount, to say the least, and one that shows how valuable the OmiseGo platform can be in the long run. Considering they raised $25m in funding and the market cap has grown to $777m in recent weeks, it is evident ICO investors got their hand on a bargain. The bigger question is what is driving this sudden price jump and how long it will last.

More specifically, OMG reached an all-time high of $9.3 not too long ago. Right now, that price has come down to $7.9 and is still falling, by the look of things. This resembles a traditional pump-and-dump scenario, although it is still too early to tell what is going on exactly with OmiseGo in this regard. It is evident there are plenty of people who are taking profits right now, with others buying in in the hopes of seeing the price go up even further. Considering how it almost reached $10 already less than a week ago, there is certainly room for gains, to say the least.

There has been some news regarding Omise, the parent company. According to the tweet above, the Thai Finance Ministry is now advertising the use of Facepay, a solution developed by the Omise company.  FacePay was introduced some time ago, and uses artificial intelligence for user identification and verification purposes. It is quite an interesting program that certainly has a lot of potential. This news is quite good for Omise, which could explain the recent OMG price increase as well. Then again, it wouldn’t necessarily explain why the price has come down all of a sudden.

All things considered, OmiseGo is one of the promising ICO tokens these days, as the company behind it is more than solid. Omise has a strong reputation and their venture into the world of cryptocurrency ICOs is a gamble that pays off so far. It will be interesting to see how things evolve in this regard, as OMG certainly has a lot of potential. Unbanking the banked will not occur overnight, but the parent company is in a good position to make such things happen. It is worth keeping an eye on OMG, but do not get caught up in the hype train to chase a pump either.