to stop service
Coincheck, a major domestic crypto asset (virtual currency) exchange affiliated with the Monex Group, announced on the 20th that it will discontinue handling of OMG Network (OMG). As of July 25, 2023 (scheduled), both exchanges and sales outlets will be discontinued.
If you have OMG in Coincheck after the scheduled suspension date (July 25, 14:00), it will be forcibly sold in order, and it is expected that it will be reflected in the Japanese yen balance after being converted into Japanese yen.
OMG’s Coincheck Tsumitate and Coincheck crypto asset lending services will also be suspended.
Reason for delisting
OMG Network (formerly OmiseGo) is a blockchain based on the Ethereum blockchain and a second layer solution to improve scalability. One of the visions was to integrate a number of electronic wallets, but due to the service transition to BOBA Network (BOBA) in 2021, development was virtually stopped.
connection:Ethereum L2’s Boba Network (BOBA) Raises 5.5 Billion Yen
Regarding the reason for the delisting, he said, “As a result of comprehensively considering the continuity of the project at OMG Network, we came to the conclusion that it would be difficult to continue to provide stable services to our customers.”
At Coincheck, we monitor items such as project disclosure information, development status, liquidity of crypto-assets, etc. for all crypto-assets we handle. There is a possibility that it was determined that maintenance and management costs would not be profitable.