Coinbase Acquires Bitcoin Startup Earn.com

Coinbase Acquires Bitcoin Startup Earn.com

Coinbase Inc. today said it has acquired Earn.com Inc., a Silicon Valley startup that offers bitcoin payments to users who respond to emails and undertake small tasks.

As part of the deal, Earn.com co-founder Balaji Srinivasan will join Coinbase as its first ever chief technology officer.

The financial details of the deal were not disclosed in a blog post bit.ly/2J1onsd by Coinbase, but tech publication Recode reported that the transaction was worth slightly more than $100 million. Balaji will also be responsible for recruiting blockchain technology talent, an effort that Coinbase has given priority in the recent months.

Earn.com formerly operated as a bitcoin mining company under the name 21.co past year it rebranded itself as a social network and is now regarded as one of the few practical blockchain applications to gain meaningful traction.

Commenting on the new CTO appointment, he added: "As CTO of Coinbase, Balaji will serve an important role as ‎the technological evangelist for the company".

In March, Coinbase poached Emilie Choi from LinkedIn to lead new acquisitions and partnerships. Last week, Rachel Horowitz, former Facebook and Twitter communications director, joined Coinbase.

Cryptocurrency exchange Coinbase has acquired Blockchain-based paid-email ‎service Earn.com, the companies announced on Monday.‎.

Earlier in April, Coinbase announced a new incubator fund for early-stage start-ups called Coinbase Ventures. The early backers of Earn.com include Tyler and Cameron Winklevoss, RRE Ventures and Andreessen Horowitz.

Srinivasan is one of the well known technologists in the crypto arena. Srinivas has won the prestigious Wall Street Journal Innovation Award for Medicine.

Srinivasan holds a BS, MS, and PhD in Electrical Engineering and an MS in Chemical Engineering from Stanford University, and has taught courses in data mining, stats, genomics, blockchain at his alma mater.

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