OmiseGo [OMG] is the 21st largest cryptocurrency by market cap. The project’s founder, Jun Hasegawa, and Ethereum’s founder, Vitalik Buterin, just donated the equivalent of $1 Million USD in OMG tokens to refugees. The pair used the GiveDirectly platform as a way to deliver the funds to the individuals living in extreme poverty.
GiveDirectly broadcasted the donation to the public by saying:
“The crypto economy has grown immensely over the last year, bringing a great deal of wealth to many people and organizations within the ecosystem. In part, we simply see an exciting opportunity to share that wealth. We hope the fortunes made in the crypto space will lead not too extravagant lifestyles but to extravagant generosity.”
OmiseGo has entered into a fierce industry of seeking to unbank the banked using digital assets and blockchain technology. Presently, there are just under 6 billion “banked” individuals in the world. There is a group of individuals that value the concept of not relying on global financial services that would benefit from these decentralized crypto platforms emerging.
It seems that OmiseGo has also shifted its target audience, as presently there are more than 65 million individuals that are displaced from their homes. In order for someone to enter back into the financial system documentation is required and many, do not have these things. This group could greatly benefit from what OMG is seeking to do.
OmiseGo made a statement about the recent donation to GiveDirectly by saying:
“this means delivering financial self-sovereignty through disintermediation. Blockchain technology offers the means to deliver this on a scale that has never been possible before, and OMG believes it can use those means to change the world for the better by decentralizing personal finance.”
While there may be many blockchain projects seeking to solve the same issue, OmiseGO has a great relationship with the Ethereum Foundation, which gives them a competitive advantage. Currently, OMG holds an $848 million total market cap and is currently trading at $8.31 a coin, down -13.58%, in 24 hours.
Featured Image: Disruptor