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The bearish crypto market is the longest of all records, with the value of most crypto currencies falling by 85% or more. While the capital flight into the cryptography market was brutal for retail investors who bought at the height of the bubble hype, the bear market has proven to be a unique opportunity for companies seeking to enter the arena of the blockchain or cryptocurrency.
The acquisition of Omise by the richest Thai group, the CP Group, is the best example. The CP group is closely following the interests of those interested in space and is benefiting from the decline in valuations of these companies focused on encryption in the current bear market.
Thailand's richest company acquires Omise Payments
according to The blockOmise, the original payment company of OmiseGo, an ERC-20-based company, was acquired by Thailand's largest privately owned Charoen Pokphand Group (CP Group). The acquisition would have been made for $ 150 million, according to sources close to the case.
4th richest family in Asia bought @Omise, the payment business behind the top 25 crypto token @omise_go $ OMG up to $ 150 million, and plans to use its payment technology https://t.co/XjU4uYJOty
– Mike Dudas (@mdudas) March 29, 2019
The CP Group belongs to the 4th richest family in Asia, the Chearavanont family, and is one of the largest conglomerates in the world. The importance of their interest in the cryptocurrency space can not be overstated.
Related reading | Crypto Analyst expects a multi-year bear market
According to The Block, Chatchaval Jiaravanon, president of the CP group and owner of Fortune Magazine, is seeking to acquire companies that can be used for encrypted payments, such as Omise. The wanted cryptographic projects include an agricultural division.
Omise is one of the major payment gateways in Thailand, which may have attracted the interest of the CP group. OmiseGo, the token used for payments, has already jumped 12% after the news announcement.
Other business cryptography projects during a ruthless bear market
The CP group has not only become aware of cryptography projects that need to be supported by a long-term bear market. Maco.la, a Los Angeles-based investment company, is bringing together infrastructure companies now that their valuations are down.
Related reading | Crypto prices may drop, but industry fundamentals are healthier than ever
"We thought the best way to make money was to buy infrastructure companies – picks and shovels – that help build the foundation," he says. explained the co-founder of maco.la and Senior Advisor Sheri Kaiserman. "They are downgrading, which is the best part of the crypto winter for us," she added.
Many companies are washing their hands, trying to understand and exploit emerging technologies such as crypto-currencies and blockchain, such as the Internet before them. During the Internet business boom, many companies chose to buy new startups rather than investing in their own infrastructure. Given this new trend following the bear market, the cryptography industry could face a similar situation across the entire cryptography landscape.
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