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Ripple backed Omni Shuts Down

#Ripple #XRP

San Francisco based peer-to-peer (p2p) blockchain-powered rental startup, Omni has officially shut down its operation.

In January 2018, the executives of Ripple led a $25 million fundraising for the Omni, which was also included in the list of companies supported by Xpring, an investment arm for Ripple.

Omni’s service was based around offering people options to rent items in a peer-to-peer manner using the digital asset XRP or cash. Until the last minute, Omni tried to save the business and had plans to launch a white-label service offering third party merchants to promote their own rental services.

With no official information available it’s still a matter of speculation if Omni has any backup plan to refund its capital investors.

Before closing its operations, Omni reportedly reached an agreement with Coinbase to move its engineering team to work for crypto exchange. Financial details and other terms were disclosed to the general public. Coinbase also declined to comment stating it’s too early to reveal what the team will be working on.

Omni left a farewell statement on its official website a few hours ago:

Dear customers and partners,

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.

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

More than anything, we want to say thank you to our customers, partners, and community who have shown us a tremendous amount of love and support over the last five and a half years. Thank you for including Omni in life’s big moments, from birthday parties to family reunions to Friendsgivings, and joining us in an effort to reduce waste and enable more conscious consumerism.

It’s been wonderful to share our dream with you and we hope you continue to seek out ways to access more and buy less.

Thank you!
Team Omni

Image source: Pexels.com



OhNoRipple via https://www.ohnocrypto.com/ @Andrew Galea, @Khareem Sudlow