Charoen Pokphand Group (CP Group), Thailand’s largest privately held company, recently bought the $ 150 million Asian payment company Omise , according to several sources close to the subject who reportedly reported the news. CP ranks fourth in the ranking of the richest family businesses in the Asian continent. Its net worth is $ 36.6 billion.
A successful ICO
Omise opened its service in 2013. It is one of the largest payment gateways in Thailand and is currently working in Singapore, Japan and Indonesia.
This fintech was able to raise $ 20 million on the traditional model of venture capital financing. Today, it is “one of the most established technology companies to use ICOs “.
His initial Coin Offering was a huge success with a total collection of $ 25 million. The funds were used to create a peer-to-peer payment platform.
The native token of the OmiseGO network named ( OMG ) is one of the best digital currencies. Its market capitalization exceeds $ 257 million.
Vitalik Buterin , the iconic Ethereum founder (ETH), the second largest cryptocurrency in terms of market capitalization and one of the best performing blockchains in the world, is a member of OmiseGO’s advisors.
Chatchaval Jiaravanon, the owner of Fortune, is head of the CP group. He is leading a concerted effort to take control of companies that could use cryptocurrencies as a method of payment.
Increased rivalry in a frequent M & A environment
The adoption of cryptocurrencies in the world of finance and daily payments is still quite unstable. The reluctance to fully embrace crypto-currencies is linked to the negative opinions that are raging.
“The execution is really difficult and OmiseGo will need the target customer to have phones that can easily accept and send crypto-currencies, and for this currency to be used in commerce,” said Lex Sokolin, a partner at Autonomous Research.
However, OmiseGO was chosen thanks to its Blockchain network and its “long trail of cross-border payments. “
Mergers and acquisitions are very common in the highly competitive virtual currency and Blockchain sectors. For example, Kraken acquired competing crypto-stock exchange facilities.
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