Omni, a digital rentals marketplace that has been struggling to make its business model work despite shifts in direction, is shutting up shop.
According to a report from Tech Crunch, a company spokesperson said: "We'll be winding down operations at Omni and closing the platform by the end of this year." Omni has made no announcement on Twitter and its blog site is not operational at press time.
It was reported in October that Coinbase was in talks to acquire Omni's engineering team to further development of its educational project Coinbase Earn.
That news came as Omni was reportedly laying off staff as it struggled to make profits after selling its physical storage business in May, TechCrunch says.
"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."
Last year, Omni raised $25 million in a funding round led by Ripple executives Stefan Thomas and Chris Larsen, who invested directly with the XRP cryptocurrency.
The firm has reportedly raised $35 million all told.
Its low fees proved to be too low for a viable business the report says.
It then moved on to offering a platform for users to rent out items they were not using, before morphing the service again into a similar rental service for stores, but those too failed to bring in sufficient revenue, according to TechCrunch.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Ripple-Backed Rental Firm Omni Shutting Down With Coinbase Snapping Up Dev Team: Report
Publicado en Nov 26, 2019
by Coindesk | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.