Ripple Backed Omni Rental Marketplace Is Shutting Down – Coinbase Hires Its Engineers
It’s been revealed that the online rental marketplace Omni is shutting down.
TechCrunch revealed a report claiming that the San Francisco startup decided it would be much too hard to scale, as reported by the online publication The Daily Hodl.
Scaling would have been difficult and expensive
According to TechCrunch, “They realized that the core business was just challenging as architected,” a source close to Omni tells the publication.
The same source reportedly continued and said that “The service was really great for the consumer but when they looked at what it would take to scale, that would be difficult and expensive.”
Omni was aiming to build a global marketplace where people were able to earn money by loaning unused items from their own homes in exchange for fiat or crypto.
This is sad news because it was one of the very first companies that earned an investment from Ripple’s fundraising arm Xpring.
It’s also worth noting that the company launched a validator on the XRP Ledger back in August.
Another interesting thing worth mentioning is the fact that Coinbase is reportedly hiring 10 of Omni’s engineers.
Coinbase expands support for XRP
Speaking of Coinbase, not too long ago, we reported that Coinbase extended its Visa debit card services.
The card allows shoppers to spend crypto like cash at the checkout and online wherever Visa is accepted.
The Coinbase Card now supports five new cryptocurrencies: XRP, Basic Attention Token (BAT), Stellar Lumens (XLM), 0x (ZRX), and Augur (REP).
XRP has been enjoying a great 2019, and the coin managed to gather more interest from investors. Ripple made massive efforts to promote the adoption of XRP, as well.
All that the XRP army of fans was waiting to see was a surge int he price of this digital asset, but in this regard, the year was not that spectacular for XRP.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.