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Coinbase Planning to Acquire Ripple-Backed Start-Up

callum by callum
October 18, 2019
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Emerging reports are indicating that Coinbase is interested in acquiring Omni, a Ripple-backed startup that allows neighbors to find and rent items from one another. Anything can be rented on the platform. You just need to search for what you are looking for and get in touch with the owner. Omni has been described as a good way for owners of items to earn money passively and for others to access stuff they need on a temporary basis without having to buy them from the store.

What makes the platform even more interesting is the fact that users get paid to their XRP wallet. By default, Omni is the first platform that allows people to get XRP without going through a traditional exchange. TechCrunch reported that Coinbase has been drawn to the San Francisco based startup. But there are other companies interested too. Thumbtack, in particular, has been thrown into the mix as a possible rival for Coinbase.

Omni is in dire need of some form of growth right now. The startup has struggled to attract and maintain users but it definitely has the right potential. If Coinbase is able to acquire it, it’s very likely that Omni will operate under the Coinbase Earn platform. The platform is designed to give customers around the world a chance to earn cryptocurrency simply by learning about the blockchain industry and its digital ecosystem.

Omni has so far managed to raise over $40 million in funding. Ripple was one of the biggest early investors too with an initial investment of $25 million. But the rental platform is yet to make a huge impact across the US. As of this moment, it has only been rolled out in a few select cities such as San Francisco, Los Angeles, New York City, and Portland.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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