Coinbase has just bought one of Bitcoin's best startups!
Cryptocurrency startup Coinbase announced the acquisition of Earn.com, one of the industry’s most funded start-ups.
A statement issued Monday confirmed the previous CoinDesk report, in which sources stated that Coinbase and other potential buyers are negotiating to acquire Earn.com, formerly known as 21 Inc.
21 The company had previously conducted an Intel technology-supported bitcoin mining business, and in 2015 it launched its 21st Bitcoin computer with the same name as the developer. The company was supported by major investors in Silicon Valley and raised a total of US$116 million, after several rounds of funding.
The company changed its name to Earn.com last October and released a social network designed to motivate users to complete tasks to exchange cryptocurrency rewards.
Although Coinbase did not publicly disclose the terms of the transaction, sources who participated directly in the discussion had previously told CoinDesk that the total amount of cash, password assets, stocks, and earnings sought at that time might exceed $120 million.
According to a new report from Recode, Coinbase’s transaction “slightly exceeded US$100 million, and the report also reported that some existing Earn investors were initially reluctant to accept this proposal.
As part of the acquisition, Balaji Srinivasan, co-founder and CEO of Earn.com, will become Coinbase’s first CTO. Coinbase said that the Earn.com team will be integrated with Coinbase's business and its existing business will continue.
The startup company stated:
"Earn has built a paid e-mail product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction. We will keep Earn's business running because it shows a great deal of promise." And potential."
With his new capabilities, Srinivasan will help lead the development of the Coinbase platform and recruit new cryptocurrency talent.
The news was released a few days after another acquisition announced on Friday. Coinbase acquired the Mobile Ethernet wallet password browser.