On the latest news, Coinbase has decided to buy one of the most important start-ups in the cryptocurrency environment, known as Earn.com. This acquisition takes place one weak after the giant company decided to purchase Cipher Browser. Coinbase is trying to increase its presence in the cryptocurrency and blockchain market.
Coinbase Acquires Earn.com
This transaction has been the most important for Coinbase since it was created. Neither parties have confirmed the details of the transaction, but it is estimated to be worth around $120 million dollars.
At the same time, the integration with Earn.com will be very smooth. Earn.com’s CEO Balaji Srinivasan will join Coinbase as the chief technology officer (CTO). Moreover, the existent staff from Earn.com will be integrated to Coinbase.
Coinbase and Earn.com explained:
“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.”
Brian Armstrong, Co-Founder and CEO at Coinbase explained that they are going to double down on the Earn business within Coinbase. At the same time, he said that Mr Balaji will be the ‘technological evangelist’ for the company.
“As CTO of Coinbase, Bajali will serve an important role as the technological evangelist for the company. Bajali will evangelize for both crypto and for Coinbase, educating the world and recruiting crypto-first talent to the company.”
We covered some time ago that Coinbase launched Coinbase Venture, that will be in charge of financing ‘compelling’ companies in the crypto space. The intention is to foster promising start-ups to move forward and invest in their products. The focused will be on building strong relationships and helping other fin tech companies to spur on the development of the ecosystem.
According to Coinbase, they will also be investing in companies that may compete with the famous crypto-platform.
This purchase made by Coinbase shows that the company is searching different ways to influence the crypto market and have an important role in its development.
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