- Coinbase acquires Earn.com.
California: A statement published on Monday 16th April states that Coinbase, one of the leading cryptocurrency exchanges in the world, made the announcement that it has just acquired one of the Bitcoin’s best-funded startups. The statement confirms a previous report that Coinbase and other potential investors were discussing on acquiring Earn.com, formerly called 21 Inc.
Earn was into bitcoin mining operation, powered by Intel technology before launching its eponymous, developer-focused 21 Bitcoin Computer in 2015. Earn was backed by major Silicon Valley investors to the tune of $116 million raised over multiple funding rounds.
Last October, the firm changed from 21 Inc to Earn.com in a pivot that saw it launch a social network intended for incentivizing users to complete tasks in exchange for crypto rewards.
Though Coinbase did not announce publicly the terms of the deal, a source directly involved in the discussions revealed that the total amount in cash, crypto-assets, stocks, and earn-out being pursued at the time could surpass $120 million.
As part of the acquisition of Earn.com, co-founder, and CEO of Earn.com, Balaji Srinivasan, becomes the exchange’s first chief technology officer (CTO). Earn.com’s team will be joining the exchange’s operations and its existing business will continue. According to Coinbase:
“Earn has built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction. We will keep Earn’s business running because it’s showing a lot of promise and potential.”
Balaji would in his new capacity, help lead the expansion of the Coinbase platform, as well as recruit new digital currency talent.
This news comes in few days after Coinbase sealed another acquisition deal last Friday, where the exchange moves to acquire mobile Ethereum wallet Cipher Browser.