OmiseGo’s OMG token is an ethereum based, open source public blockchain that has been going downward with the market flow. Now, as Stripe made plans to stop accepting bitcoin in April and spoke positively on OmiseGo, OMG has reversed the losses and recovered some of its previous levels.
Stripe’s positive comments resulted in OMG’s price rise
A public ethereum based financial technology OmiseGo is used in a mainstream digital wallet that allows the peer-to-peer exchange in real time. In the last two weeks, the token of OmiseGo that is OMG has gone through both boom and bust. OMG has been heading towards $25 before it sank back to a $13 low. However, OmoiseGo has begun to recover its losses and start an ascent.
Today, Stripe announced that it will no longer take Bitcoin as a payment while favouring the ethereum’s and OMG tokens regarding their potential to achiever cheaper and faster payments. Stripe is an online payment processing firm that helps over 100,000 businesses and handles about billions of dollars worth of transactions every year.
Now, payment processing company is halting the bitcoin support citing high fees and fewer user cases the points for the same. An Irish technology company, Stripe had been very much receptive to cryptocurrencies but will now stop supporting bitcoin from April.
Tom Karlo, the project manager explained:
