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.
Introducing XRP Cash Outs on Omni https://t.co/f570w9tqZu
— Ethan Beard (@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.
Image courtesy of Ivanovgood/PixaBay
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…