Coinbase to Acquire Ripple-backed Omni?

Cryptocurrency exchange Coinbase may be eyeing its next acquisition in Omni. The company is reportedly in talks to acquire the engineering team of physical storage-turned-rentals startup Omni. The startup had raised $25 million in a funding round led by Ripple for an undisclosed amount of XRP.

Omni’s rental business has not doing well and the company recently laid off seven operations team members. The engineers are now interviewing at Coinbase to develop the Coinbase Earn product. However, the exchange has clarified that no deal is on the table currently.

Apart from Coinbase, Omni has also received interest from Thumbtack, a marketplace for professional services.

Coinbase Earn is the exchange’s new initiative that rewards users with cryptocurrencies for completing crypto-related educational programs. Coinbase users across 100 countries can currently earn Dai, EOS, Stellar, ZCash, Basic attention token and 0x on Coinbase Earn. Coinbase had also launched USDC Rewards last week.

Incidentally, Coinbase had acquired Xapo’s institutional custody business in August this year.

(Image Credit: Marco Verch | Flickr)

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