Omni – Ripple’s new partners

Omni is an economic platform where any customer can rent an item. Previously users could receive payments only in US dollars, but as a result of concluding an agreement with Ripple, XRP tokens will also be available to everyone.

As soon as a user rents a certain item, a balance in USD is displayed on his account, but now it is also possible to withdraw funds in XRP without any commission.

In January of this year, Omni successfully completed a financing round B, during which $25 million was raised. A complete list of all investors is unknown, but it is reported that the largest amount came from Ripple Labs. In addition, Stefan Thomas, CTO of Ripple and Chris Larsen (Chris Larsen), Executive Director and Co-Founder of Ripple, also invested their funds.

Under the terms of the agreement, the Omni startup used most of the collected XRP in the development of the platform. After that, the company added tokens as a payment method, saying it would increase the number of customers.

“Investing in cryptocurrency involves great risks. On our platform, users can place items and things that they already own. Rent payment can be obtained in XRP. Thus, being on vacation or at work, our clients earn tokens while maintaining their liquidity, ”said startup director Tom McLeod.

Omni began work in San Francisco and Portland. Platform users take pictures of objects, describe their main characteristics and condition, and then send them to the company’s warehouses. If nobody rented the item, then users pay their own monthly storage fee to the company.

According to representatives of Omni, cooperation with Ripple raises the platform to a completely new level. The company will not only be able to save on transaction costs but will also fully manage its funds.