Coinbase in talks to acquire Omni, rental startup

Coinbase is in discussions to hire an engineering team from rental startup, Omni. As per the reports by TechCrunch, the cryptocurrency exchange plans to instill the staff on the Coinbase Earn product that rewards the users. A Coinbase spokesperson has unveiled that there is no official deal currently. Omni initially launched as a storage service provider before expanding into a digital marketplace of rentable good. To date, the firm has raised $40MM in Venture Capital and via partnerships.

Coinbase is in initial acquisition discussion with the peer-to-peer rental startup Omni. According to the reports by TechCrunch, the acquihire talks comprise of hiring engineering staff to employ in the Coinbase Earn product of the cryptocurrency exchange.

Coinbase presents a diversity of digital coin services. The engineering employees from Omni already possess experience with the tokens. A coinbase spokesperson has currently denied the existence of an official deal, but if it comes into the business, Coinbase can fuel its ongoing success. Earlier, Brian Armstrong revealed that 12% of its product and engineering employees came via acquisitions.

At present, Omni is facing layoffs as informed by two sources familiar with the situation. The firm has shed seven operations team members, and after the reception of credit from Thumbtack, it might get into a deal with Coinbase. Omni got off the grounds as a provider of storage services where it would come at your place, accumulate up, tag the belongings, store them into a warehouse, and ship it back whenever you decided. It sprouted as a fashion in San Francisco and spread in other cities. In April, Omni launched its rental services, allowing users to earn money by renting out their goods to other users. Omni has raised a total of $35M from investors, including Flybridge, Highland, and Founders Fund. In 2018, the firm raised $25M from Ripple.

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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