News

Coinbase Planning to Acquire Ripple-Backed Start-Up

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.

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close