Ripple-Backed Crypto Rental Startup Omni Ending Operations

Michael LaVere
  • Crypto rental startup Omni is closing for good after selling its engineering team to Coinbase.
  • Omni was one of the first major investments made by Ripple through their Xpring fund. 

Omni, one of Ripple’s first major investments through their Xpring fund, is ending its operation. 

In a letter posted to the company’s website, Omni thanked supporters of its crypto rental service and explained its decision to close for good,  

Since 2014, we’ve been committed to giving you access to the things you need when you need them, encouraging communities to share more and buy less. We’ve been honored to work with small businesses and the communities they serve.

The letter continues, 

After deep consideration, we’ve made the difficult decision to close our platform and end operations.

The San Francisco-based startup operated as a peer-to-peer rental service using crypto and blockchain. The company made headlines as one of the first major investments by Ripple’s Xpring, which operates as a fundraising and development fund for innovative crypto-based projects. 

In October, it was reported that Coinbase had entered negotiations to acquire Omni’s engineering team for its Coinbase Earn program, with no interest in the base rental service. The acquisition followed reports that Omni had struggled to generate an adequate revenue stream despite Ripple’s investment and was on the verge of closing. 

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