Omni, one of the first companies to be funded by Ripple (executives Stefan Thomas – CTO at the time – and Chris Larsen – executive chairman and co-founder – took part) has officially ceased operations.

Omni was founded in 2015 as a storage option for those with limited space at home — ideal for the Bay Area where it is based — and in 2018 it began to allow people to rent their stored items out to others.

By October 2018 it began offering XRP cash outs to its clients.

A year after that, Techcrunch reported that Omni was in the process of shutting down and selling its engineering team to Coinbase, in an acqui-hire.

Indeed, at the time of writing the Omni website states:

Dear customers and partners,
Since 2014, we’ve been committed to giving you access to the things you need when you need them, encouraging communities to share more and buy less. We’ve been honored to work with small businesses and the communities they serve.
After deep consideration, we’ve made the difficult decision to close our platform and end operations.
More than anything, we want to say thank you to our customers, partners and community who have shown us a tremendous amount of love and support over the last five and a half years. Thank you for including Omni in life’s big moments, from birthday parties to family reunions to Friendsgivings, and joining us in an effort to reduce waste and enable more conscious consumerism.
It’s been wonderful to share our dream with you and we hope you continue to seek out ways to access more and buy less.
Thank you!
Team Omni

Even though it is not clearly stated what will happen to Omni’s employees, Omni has officially ceased all operations. Nobody likes to fail but failure is part of life and it is to be expected. In the words of Paulo Coelho:

“There is only one thing that makes a dream impossible to achieve: the fear of failure.”

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