Coinbase Acquired Earn.com
Coinbase, the cryptocurrency exchange has recently acquired Earn.com, previously known as 21.co, a blockchain-powered paid messaging service. The exchange has reportedly appointed Earn’s CEO, Balaji Srinivasan as its first Chief Technology Officer (CTO).
Neither of the companies disclosed the terms of the deal but Srinivasan revealed that the deal represented a positive ROI for the people backing Earn.com. The company had initially raised 120 million USD. This can be used as an anchor to approximate the cost of the deal.
In addition to Srinivasan, the rest of the team at Earn.com would also be moving over to Coinbase.
Srinivasan has been an early evangelist of cryptocurrencies and the Blockchain technology as a whole. He holds a BS, MS and PhD in Electrical Engineering and has an MS in Chemical Engineering. Before Earn.com began, he had been a General Partner at Andreesen Horowitz, with which he would continue to be involved. On the deal, Srinivasan said:
“With Coinbase’s user base and distribution muscle, I think it could hit $100 million in ARR in a few months. I’m proud of the fact that we turned what could have been a disaster into a successful product and I’m excited about the road ahead”
Recently, Coinbase has been acquiring a lot of new talent. Last week, they hired Rachel Horowitz as the new Vice President of Communication. Horwitz had previously served as the Director of Technology Communications at Facebook. Prior to her work at Facebook, she had worked at Twitter where she was responsible for scaling the communications team, and for developing the company narrative.
Back in December last year, the former Facebook and PayPal executive, David Marcus, had joined the board of directors at Coinbase.