OmiseGO Payments Company Acquired By Thailand’s Charoen Pokphand Group For $100 Million
Omise Payments Company Acquired By Charoen Pokphand Group For $100 Million
The cryptocurrency market is making progress every day, but it looks like that progress is escalating in Asia recently. Charoen Pokphand Group, otherwise known as CP Group, is the largest private company in all of Thailand. Recent reports from The Block show that CP Group has decided to expand its reach with the acquisition of Omise, the payments company in Asia behind the OmiseGo token, spending $150 million on the deal. In 2017, CP Group’s owners, the Chearavononts, were named as the fourth-wealthiest family in the continent by Forbes Asia, with a net worth that is over $36 billion.
Omise has continued to be one of the leaders in payments for Thailand since it was conceived in 2013, reaching users in Singapore, Japan, and Indonesia as well. Before they established themselves as a tech company and launched their ICO, the firm managed to raise $20 million in venture capital. To create the peer-to-peer platform for payments, the company launched a surprise token sale, though they capped it off around $25 million. Now, their OmiseGO token is a top-25 coin, holding a $257 million market cap. Even Ethereum founder Vitalik Buterin has supported their cause.
CP Group is led by Chatchaval Jiaravanon, owner of Fortune and well-known billionaire. It looks like he has been working to take over companies that could ultimately implement crypto payments, like “a large agricultural division,” as The Block writes. However, there are some analysts that believe that it will see a lot of difficulty in adoption.
Lex Sokolin, a partner at Autonomous Research, said that the key to success will be to target customers with “phones that can easily accept and send crypto.” The currency needs to be useable in the local commerce, but he described his support for the blockchain network that OmiseGo uses, and how it improves cross-border payments, which is part of the appeal of Asia.
Right now, the OmiseGO token is available with a value of $2.02, seeing a 14.18% increase in the last 24 hours alone with over $97 million in trading volume. The requests for comment by The Block have not been answered yet.