One of Ripple’s first major investments just closed its doors for good.
The San Francisco-based peer-to-peer rental startup Omni has officially ended its services and shut down its website.
Omni was one of the first investments made by Xpring, Ripple’s fundraising and development arm built to invest in, incubate, acquire and provide grants to emerging startups.
Ripple executives led a $25 million fundraising round for Omni back in January of 2018, and Ripple included Omni in its list of initial companies supported by Xpring.
Omni’s service was designed to give people a way to rent items from one another using cash or the digital asset XRP. In a letter posted online, Omni thanks its supporters while citing the difficulties involved in getting a startup off the ground.
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.
Before closing its doors, Omni reportedly reached a deal with Coinbase to sell its engineering team to the US crypto exchange.
Coinbase says it’s too early to reveal what the team will be working on.
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