Coinbase Pro

OmiseGo (OMG) FAQ

Announcement: On May 18, 2020, Coinbase added OmiseGo (OMG) to our supported cryptocurrencies for Coinbase. Coinbase customers, in qualifying countries, can send, receive, buy, and sell OmiseGo (OMG). For info about which products and regions support the new asset, please see our Supported cryptocurrencies page.

What is OMG?

OmiseGo (OMG) is an Ethereum token that powers the OmiseGo smart contract platform, which allows businesses and individuals more financial freedom through financial services and investments.

What is the OmiseGo Network?

The platform’s goal is to facilitate moving funds between payment systems (such as ACH, Visa, or PayPal) and decentralized blockchains like Ethereum. This seeks to enable better banking and financial services for everyone, including people in developing countries who don’t have access to traditional banking services.

Can I send OMG to Coinbase? 

Yes, but you must send OMG to and from Coinbase within the OMG wallets. Even though OMG is on the Ethereum network, please don’t send any OMG tokens to your ETH wallet. For Coinbase Pro, select the Deposit button to view your OMG deposit address. OMG requires 35 confirmations, and each confirmation can take approximately 15 seconds per block to complete. 

If you send to an external (non-Coinbase) address or wallet that does not support OMG, Coinbase is not responsible for that transaction. Additionally, do not send non-OMG tokens to your OMG address.

Are there deposit or withdrawal limits?

There are no maximum or minimum deposit or withdrawal limits. 

Is OMG supported in my country?

Please visit the Supported cryptocurrencies page.

Is Staking supported for OMG?

Staking is not supported at this time. 

OMG Airdrop

If you held ETH balance greater than 0.1 on Coinbase.com or Pro on July 7, 2017 at 4:36 PM UTC, you'll receive OMG from Coinbase. Coinbase will deposit OMG directly into your Coinbase.com account. 

When will I receive the airdrop? 

Coinbase plans to distribute airdropped funds in the near future, following the launch of our OMG order books.

How much OMG will I receive? 

The amount of OMG you'll receive depends on how much ETH you had in your account at the time stated above. Coinbase received OMG as a result of customers holding ETH in their accounts, therefore we're airdropping the OMG we received into those customer accounts. 

How do I receive my OMG?

Coinbase.com customers

Navigate to your OMG portfolio and you should see OMG tokens in your account. 

Pro customers 

Go to your Coinbase Pro account and follow the below steps to receive your OMG:

  1. Select the desired portfolio
  2. Select Deposit
  3. Select OMG from the asset list
  4. Select Coinbase.com as the deposit option. You'll see "available to deposit" which is the amount of OMG you’ll receive
  5. Select Deposit

After completing these steps, OMG will show up in your Coinbase Pro OMG portfolio. 

Are there taxes for airdropped tokens? 

You can find information about taxes as they relate to airdrop here. Search for the "Airdrop and tax implications" header. 

Can I opt out of receiving airdrop OMG? 

No, you can't opt out of receiving OMG through airdrop. 

 

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