OmiseGo Price Recovers after Support from Thai Ministry of Finance

The price of the digital currency OmiseGo (OMG) has been experiencing decline as of mid-August 2017, and eventually recovered after the show of support by the Thai Ministry of Finance.

The company is actively operating in Asia, particularly in such countries as Indonesia, Thailand, Singapore and Japan. Among the company’s investors are Golden Gate Ventures and SBI Investment.

Omise’s prominent list of advisors include industry experts Vitalik Buterin, Vlad Zamfir, Gavin Wood and Joseph Poon.

The cryptocurrency has previously reached an all-time high of $9.3 per token recently, but this came down to $7.9 and has recently recovered to $8.02, as of press time.

#Omise#Facepay successfully launch at Ministry of Finance in Thailand. Will be on TV. pic.twitter.com/6cA5jjmO2C

— JUNΞ (@JUN_Omise) August 18, 2017

The Omise team launched the OmiseGo platform with a goal to unbank the banked individuals rather than banking the unbanked. The platform aims to provide real-time peer-to-peer (P2P) value exchange and payment services to participating customers.

It utilizes Ethereum Blockchain in providing its financial services to customers around the world and can be accessed by any user as it does not require a customer’s bank account to conduct business.

Just recently, Omise has successfully completed its digital currency initial coin offering (ICO). The company has raised $25 mln in the crowdsale that paved the way for the introduction of the OmiseGo token.

This token is used in all the services currently offered in the OmiseGo Blockchain, including those in the firm’s decentralized exchange, liquidity provider and asset-backed gateway.

The company’s market cap has increased to $777 mln in recent weeks.

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