Many people consider Ripple’s XRP to be a security or a digital asset, rather than something consumers can benefit from. In the case of Omni, a project focusing on revamping ways to own and access things, XRP support has been integrated as a cash-out feature.
Omni Sees Merit in XRP
For those unaware of the Omni project, the concept is relatively easy to explain. The main purpose of this venture is to develop new ways to own and access things. One of their main projects goes by the name of Omni Rentals, a way for users to share their things and getting paid to do so. Unlocking the dormant value in things users have but don’t use daily is a very interesting approach, to say the least.
What makes Omni Rentals so interesting is how it removes the need to rely on services like Craigslist, Venmo, and so forth. The Omni Rentals project allows for users to effectively rent items from the platform and get it delivered to their home when they need it. It is an on-demand service which can be quite successful in the long run, although it will mainly depend on how users look at this concept.
As has become apparent, services like these can let users earn some passive revenue by renting out the things they do not actively use on a regular basis. Such a concept will undoubtedly get a lot of attention moving forward, although it is evident that can also create some friction. More specifically, paying users in a native currency would not necessarily attract a lot of attention.
Thankfully, it seems the Omni team has already come up with a solution to counter this problem. Their latest addition comes in the form of cashing out Omni Rental earnings in the form of XRP. Even though Ripple’s XRP is not necessarily the most popular asset in the world, it is one of the most liquid ones. That also makes it easier for users to effectively convert their earnings to Bitcoin or other cryptocurrencies, or fiat currencies if they so prefer.
The Omni team explains this decision as follows:
“We’re building towards a world with frictionless access to the things we need as we need them, irrespective of ownership. In order to realize this vision, we set out to implement a payments system that was both instantaneous and global, which is why we partnered with Ripple back in January and why we’re excited to announce the XRP cash out option now. By enabling XRP cash outs we’re aiming to lower the barrier to entry for crypto-curious consumers and also reduce the risk because you still own the asset.”
The addition of XRP brings another interesting use case to the table for this particular asset. Although it might not necessarily have a big impact on the value of XRP altogether, there is a good chance this concept will gain some traction in areas where Omni Rentals is popular. So far, that seems to include San Francisco Bay and Portland, although other regions might get added as more time progresses. An intriguing development, and something that validates XRP’s potential even further.
Image(s): Shutterstock.com
