Omni, a peer-to-peer lending start-up, has ceased service and Coinbase has taken over the engineering team

BlockBeats, one of Ripple's early investment projects, P2P rental startup Omni has officially terminated its service and shut down its website.

It is understood that Omni is one of the first investment projects of Xpring, and also one of the important investment projects. Xpring is the financing and development arm of Ripple, which aims to invest, incubate, acquire and finance emerging start-ups. In January 2018, Ripple executives raised a $25 million round of financing for Omni, which Ripple added to the initial list of companies backed by Xpring.

Omni reportedly struck a deal to sell its engineering team to Coinbase's cryptography trading platform before the shutdown. Coinbase said it was too early to say what the engineering team would do.

Original address:https://dailyhodl.com/2020/01/05/one-of-ripples-first-multi-million-dollar-investments-abruptly-shuts-down/

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