OmiseGo, an Ethereum based project aimed to “Unbank the Banked” recently confirmed Via Twitter that it will be partnering with McDonald’s Thailand. This along with the news of Burger King’s announcement of the release of their own crypto-currency, WhopperCoin, is big news for both investors and consumers.
Who would have thought that the first major franchises to implement the technology would both be in the fast food industry?
What is OmiseGo?
OmiseGo, or OMG, is an extension of the well established payment gateway based in Asia, Omise. Starting in 2013 Omise has quickly grown with offices all over Asia. They help provide businesses with payment options online or through mobile apps. OmiseGo is based on the Etheruem blockchain, making transfers both safe and secure.
Essentially a decentralized exchange, OmiseGo is set up to disrupt the need for banks, users can trade both Fiat and crypto-currencies through the exchange. The company offers Peer-to-Peer transfers, money storage, and decentralized trading through the blockchain making it both safe and secure. This, along with their mobile wallet will allow users to trade coins for money or goods in real time.
The support for OmiseGo is outstanding and ever growing
With an impressive team behind it, like Ethereums own Vitalik Buterin, and Joseph Poon, co-author of the Lightning Network, it would be a surprise to see this project not take off. By having extremely low transaction fees, people on the network can transfer money across the globe into many different currencies or coins without the exorbitant fees from similar services like Western Union.
This is especially useful for those working outside of their home country. OmiseGo may make banks a thing of the past by eliminating the middlemen of that industry, giving users full control over their money
What this partnership with McDonald’s means, is that customer transactions using cryptocurrencies is gaining traction.
If this takes hold then more vendors and franchises, even in the U.S. will adopt the technology bringing ease of use and putting cryptocurrencies in the hand of the average consumer.
With Crypto-currencies in the hands of more consumers this is another big step into taking cryptocurrency mainstream.