U.S.-based crypto exchange Coinbase is reportedly in talks to acquire peer-to-peer rental startup Omni’s engineering team to bulk up their Coinbase Earn program.
According to a report by TechCrunch published Oct. 5, Coinbase is in the process of negotiating an acquisition of Omni. The startup, which raised more than $25 million last year from Ripple, functions as a digital platform for users to rent and lend items ranging from bikes to power tools.
Omni bills itself as a company for people who value, “experience over things, access over ownership and living lighter.” The company’s roots were originally in the physical storage business before shifting its model to a digital marketplace of rental goods.
TechCrunch’s report claims that Omni has been struggling to generate adequate revenue and interest, despite Ripple’s injection millions of dollars, leading some to fear that the organization was on the verge of flopping.
Coinbase’s acquisition centers around hiring some of Omni’s engineering staff and incorporating them into the Coinbase Earn program, which rewards users in crypto for participating in educational seminars.
A Coinbase spokesperson told TechCrunch that there is nothing on record for them to share regarding an Omni acquisition and that no official deal has been made.
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