This development could cause strong upward pressure on the price of OMG in the short-term, seeing as how Krungsri is a member of the Mitsubishi UFJ Financial Group (MUFG)—the largest bank in Japan.
For now, the size of Krungsri’s investment in Omise remains undisclosed, but the investment itself is a major legitimizing force and marketing boost not only for OMG and it’s next-gen decentralized payment network, but also for the crypto space as a whole.
“We’re excited to leverage our new partners and this capital to continue to build our OMG platform, which we believe will facilitate the future of open payments and value exchange, and scale our operations into countries across the Asia Pacific region,” Omise CEO Jun Hasegawa declared in a statement.
Indeed, the fact that an MUFG member is investing in Omise shows that OMG is on the cusp of mainstream adoption by Asia’s biggest banking players. This will undoubtedly cause a temporary price surge for OMG as the market FOMOs in on such exciting news.
With this boost, a realistic short-term price target is likely $12-$13 for OMG.
— Omise (@Omise) September 28, 2017
With crypto, it’s all about legitimization. The more crypto is legitimized by financial and government entities, the higher coin prices will go. And Omise’s strategic investment deal with Krungsri is one of the most legitimizing developments the entire cryptocurrency space has ever seen.
This is tangible, real-world news for OMG. And that means every trader’s ears should be perking up right now because the upward pressure on OMG’s price is likely just beginning.
— JUNΞ (@JUN_Omise) September 28, 2017
If you’re waiting on the sidelines for the next OMG dip, you could get seriously burned. This Krungsri deal could make it so that a dip won’t be coming any time soon.
TLDR: OMG just closed a major investment deal with a notable Thai bank which should temporarily explode OMG’s price. Potential short-term price target: $12-$13.