Is OMG a Layer 2?

I'm curious to know if OMG, or OmiseGo, can be considered a Layer 2 solution in the blockchain and cryptocurrency ecosystem. Layer 2 solutions are often touted for their ability to enhance scalability and transaction speeds while maintaining the security and decentralization of the underlying blockchain. With OMG's focus on enabling peer-to-peer value exchange and payments on the Ethereum network, does it meet the criteria for a Layer 2 protocol? I'd appreciate any insights you may have on this matter.