Coinbase Steps Up Efforts To Expand Business
One of the biggest digital currency exchange Coinbase is positively on a purchasing spree what with adding prominent talents to its team and obtaining firms right, left and center. The most recent addition is the digital currency startup Earn.com.
After months-long hush on the matter that started the gossipy tidbits about such talks, it has been at last affirmed that San Francisco-based Coinbase has apparently procured Earn.com for an arrangement far beyond $120 million, however, the terms of the arrangement haven’t been made public.
With a valuation of more than $2 billion and funding of over $225 million, Coinbase has been now riding high well over some other private bitcoin company. Earn.com with second most funding at $121 million has an awesome history that settles on it a smart decision from Coinbase’s point of view.
Beforehand known as 21 Inc., the Earn.com startup was launched as a bitcoin mining operation that was powered by Intel’s technology. Later in 2015, the company launched its bitcoin PC which was backed by the major investors from Silicon Valley to a total of about $116 million. The startup additionally developed into a digital currency networking platform that fundamentally enabled users to acquire bitcoin by finishing tasks like answering emails.
Balaji Srinivasan, the CEO of Earn.com who is likewise a board accomplice at Andreessen Horowitz will join the Coinbase as its CTO. Brian Armstrong, the CEO of Coinbase shared the news to a blog post on Medium expressing:
“I’m thrilled to announce that Coinbase has acquired Earn.com, and as part of the acquisition, Earn’s co-founder and CEO, Balaji Srinivasan, will join Coinbase as the company’s first Chief Technology Officer (CTO).”
He additionally shared his plans for Earn:
“We’re going to be doubling down on the Earn business within Coinbase, as they have built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction.”
It hasn’t been long that Coinbase began its enlisting spree. In December, it began including huge names like previous TD Ameritrade COO Asif Hirji as its COO; David Marcus, the Facebook Messenger chief joined the board of Coinbase; the previous VP of operations at Twitter, Tina Bhatnagar as its VP of operations, and Rachael Horwitz, who was in communication at Twitter and Facebook as its VP of communications.
This month, the company employed its M&A head Emilie Choi from LinkedIn. A week ago, Coinbase obtained Cipher Browser which is a decentralized ethereum wallet and browser and now Earn.com.
With the acquisitions and top notch hirings, looks like Coinbase is all prepared to control and rule the digital currency sphere.