Omni, a Ripple-backed rentals marketplace, that had been putting in much effort to make its business prosper, is now closing down. Ripple-Based digital rental company Omni closing shop.

The firm’s spokesperson revealed:

“We’ll be winding down operations at Omni and closing the platform by the end of this year.

It was reported in October by several media sources that Coinbase was planning to take the engineering team of Omni to develop Coinbase Earn, its education-based initiative.

Coinbase has been looking forward to acquiring the development team, and a spokesperson stated:

“Coinbase has reached an agreement with Omni to hire members of its engineering team. We’re always looking for top-tier engineering talent and look forward to welcoming these new team members to Coinbase.”

In 2018, Omni acquired $25 million in a Ripple led capital round. An undisclosed amount of XRP was invested by Ripple officials Chris Larsen and Stefan Thomas. Omni had raised funds worth $35 million in total. The company was recently looking into launching a rental product for brick-and-mortar stores.

As per TechCrunch, the firm began as an Uber facilitating collection of goods from users and storing them till they needed them again. Its low charges were too little for an active business.

It then started providing a platform whereby users could lease their unused belongings. But the initiative became unsuccessful in producing enough revenue.

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