Omni Raises $25M In XRP And Lets Users Earn By Renting

Omni CEO and founder Tom McLeod recently stated that “I think any company scaling today has to have a crypto strategy.”

Omni provides an on-demand property storage and rental marketplace. The company recently raised $25 million in XRP coins in January. The move allowed Omni to capitalize on the cryptocurrency boom. Since, the industry has gone bust and XRP is in a tough spot when it comes to regulations, especially because it may be considered a cryptocurrency.

Right now, due to the issues, Omni is looking to get rid of its XRP. The platform allows people to get paid in XRP when they rent their items to fellow Omni users. The balance of their earnings is in USD, but if they want to cash out in XRP, they can do so at any time and without having to pay a fee.

McLeod stated, “In every other crypto investment scenario, you have to risk your cash – this way you can put items you already own to work for you and have them earn XRP while you relax. With this integration, you can basically double dip on ownership-as-investment by both unlocking liquidity early and investing some or all of the proceeds back into the crypto markets.”

The trouble is, there are users who may not want XRP or to get involved with crypto. For such users, they can ignore the feature.

The company seems to be growing as well. Omni began as a storage service and it is now available in cities such as San Francisco and Portland. Users can schedule pickup, in which the representatives come to one’s space, photograph their items, and move them to storage.

The platform even permits requests where users can have their items returned in just a few hours. This is significantly different from traditional storage.

Essentially, users can think of the platform as Amazon Web Services for physical goods. As self-driving cars and warehouse robots improve, a lot of the processes will be automated. As a result, storage fees may become cheaper.

At this point though, the platform’s rentals are a cash generating machine for the company. The platform is considering increasing its storage fees for 2019 as well. McLeod stated,

“Marketplace is driving Omni growth, and has always been the core of the long-term vision. Closed containers don’t grow the business, but the move almost as much. We’re basically the same price as competitors now for them. It also makes potentially more likely that small items will be itemized. We’re going to launch kits/playlists that will allow for grouping in the comping months.”

Further, XRP’s planned integration may save the platform money when it comes to transaction fees. Which is good for customers as well.

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