So before we delve into the cryptocurrency “OmiseGo” it makes sense to look at the company behind it, Omise.
For the non-Asian audience, Omise can be compared to Stripe, it is an online service handling payments across Asia. It is easily integrated in websites and has proven to be hugely popular over the last few years.
One reason why this is so popular in Asia, and in particular South-East Asia is due to the vast amount of different banking systems and currencies that make the transfer of value difficult. Omise set out with the mission of unifying the financial system by means of a payment gateway service.
With the rise of cryptocurrencies, Omise saw it as the next natural step to launch it’s own coin. However, with OmiseGo, you would be grossly underestimating this technology if you thought it was a one-dimensional cryptocurrency. However it is worth noting that, like all cryptocurrencies, OmiseGo allows for a transfer of value between parties without the need of trusting a third party.
One thing that is fantastic about the platform is that it gives both users and merchants the ability to transfer any currency or asset that they possess. Using the e-wallet app you could use your Ethereum or Monero to purchase every day items. This is not to mention that these transactions do not take borders into consideration!
Most importantly, it has recently been announced that McDonald’s Thailand will be using OmiseGo’s payment channel.
On top of this, OmiseGo is developing it’s own e-wallet. This is especially important for people who either cannot afford to set up a bank account or those who would rather not be at the mercy of a potentially manipulative banking system. In South-East Asia there are huge amounts of migrant workers who transfer money back to their homes. Companies like Western Union enable this, but at a relatively great cost. OmiseGo prides itself on immediate transfers and low fees.
OmiseGo is still in it’s infancy and the blockchain is still being built but it clearly has huge potential. Vitalik Buterin is an investor and advisor in this project.
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