It’s not just about Ripple and its digital asset, XRP – every firm will need the blockchain respectively as per their niche. Now, there is no doubt that any company that intends to make a mark in their respective field has to have a cryptocurrency and blockchain technology strategy. As Tom McLeod, the CEO and founder of Omni, said in one of his recent interviews, “I think any business scaling today has to have a cryptocurrency strategy. For us, this is the beginning.”
Back in January, Omni, the on-demand property storage and rental bazaar, managed to raise about 25 million US dollars in XRP tokens which was considered by many analysts as an opportunist move to take advantage of the cryptocurrency boom. Since then, the cryptocurrency industry has gone thriving with Ripple’s XRP being at cross-hairs with regulators who are still debating on whether the digital coin is security with extra restrictions or a currency.
Now, Omni has an opportunity to get rid of some of its XRP assets. Omni is now starting to allow individuals to get paid in XRP tokens when they hire out their materials to associated users. Their balance of earnings is stored in US dollars, but they convert it to XRP during withdrawals at any time without incurring any fees. Omni is now successfully integrated to Ripple’s XRP Cash Out platform that will enable Omni users to have the option of cashing out their rental earnings to any XRP wallet of their choice.
And it’s live! #Xpring and @ripple partner @omni lets you get paid in #XRP. Congrats @tmcleod3 and team! This is just the beginning.
Introducing XRP Cash Outs on Omni https://t.co/f570w9tqZu
— ethanbeard (@ethanbeard) October 17, 2018
This is yet another fete for Ripple’s default currency, XRP, as it is the first milestone that will allow consumers to get their hands on XRP coins outside of an exchange.
According to McLeod,
“In every other cryptocurrency investment scenario, individuals are forced to risk their own money. But what we are trying to do is to allow users to be able to put items they already own to work for them and allow them to earn XRP coins while they relax”
Omni CEO continued,
“With this kind of integration, individuals will essentially double dip on ownership-as-investment by investing a portion or all their proceeds back to the cryptocurrency market and by unlocking liquidity early.”
Ripple’s Xpring was selected for this integration early this year given that it is already an instantaneous and cross-border payment platform that has crucial technical capabilities to implement solutions. On the other hand, many users might not want anything to do with the virtual currency, XRP.
The goodness of this partnership is that users who do not want XRP have been given an option to ignore the feature as it is not being imposed on users. However, they will not be able to disregard Omni’s aggressive campaign to get people renting their goods and materials out.
Omni’s Brief History
As a self-storage startup company, Omni began just as a storage service company with the goal to transform the traditional self-storage ecosystem. Currently, the company is available in Portland and San Francisco.
How Omni services work is by allowing users to store their products for a flat convenient monthly fee per product and also allowing the very same products to be rented out to strangers. By doing this, they assist their customers to earn money on the items that include fancy plates, bikes, and many others, that could have otherwise collected dust in their backyards or storehouses.
Users usually schedule a pick-up date with Omni, where their representatives come to your premises, check on the condition of goods and take a photograph of them. They then take them away to their storehouses where space costs are lower than the City center or at a users’ home. The amazing convenience of the service is that a person can request the return of their goods in as little as a few hours, creating a facade that your items never left your premises.
A majority of traditional self-storage units usually do not open in the night hours and collecting your items are a big hustle that often requires a truck. Omni is changing all this with their revolutionary framework. And now allowing users to cash their earnings out with third largest cryptocurrency, XRP, is nothing short than a revolutionary move.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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