Coinbase has recently obtained yet another small cryptocurrency company after a series of acquisitions. The ever-growing cryptocurrency exchange made a deal to snap up Earn.com, a startup which allows users to earn Bitcoin as a repayment for answering emails and survey tasks, confirming rumors which were circling in March.
According to people familiar with the deal, the offer was valued at more than $100 million USD for the startup and some added benefits, such as prominent Earn.com members. Allegedly the payment for the company came in cash, stock, and – curiously – cryptocurrency.
CEO of San-Francisco based Coinbase Brian Armstrong announced the move, welcoming Earn.com’s co-founder and CEO, Balaji Srinivasan, to Coinbase in the position of the first Chief Technology Officer (CTO). Boasting the reputation of Srinivasan, Armstrong thrilled at the new partnership, expressing that “Balaji will evangelize for both crypto and for Coinbase, educating the world and recruiting crypto-first talent to the company.”
In addition to Srinivasan, the deal will see an integration of a number of highly skilled staff members and Coinbase is excited about this, saying that they are “also very pleased to welcome the Earn.com team to Coinbase.”
Coinbase has expressed the objective to carry on with projects that Earn have started, announcing that they’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.”
Earn.com, agreeing with the continue-as-we-have-before approach, has made a small note that the only change is that they’re putting their token launch on the “back burner and will instead focus on integrating with Coinbase’s infrastructure and scaling up our service”. During the weeks to come, integration of new features will commence and subsequent announcements will follow.
Srinivasan is excited about this new venture, stating that his team is ”about to take the model we’ve proven out at Earn.com and scale it up across Coinbase’s massive user base”.
He concluded the announcement expressing his pride in the team. “I’m proud of what our team has accomplished, I’m proud of the fact that we turned what could have been a real problem into a successful product, and I’m excited about the road ahead.”