Coinbase has been in early stage acquisition talks with Omni, according to report by TechCrunch.
The cryptocurrency exchange is considering buying the rental startup's engineering talent to work on the Coinbase Earn product. Omni originally started off as a storage service provider before pivoting to enabling users to borrow items from other users on its platform. A Coinbase representative told TechCrunch that there's currently no official deal on the table.
Omni has raised a total of $35M from investors including Flybridge, Highland, and Founders Fund. In 2018, the firm raised $25M from Ripple. A source familiar with the situation confirmed the deal was under consideration and that Coinbase is only looking at the firm's engineering team.