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.
The $1.6 billion cryptocurrency exchange announced Monday that it had acquired Earn.com, a crypto company founded by Balaji Srinivasan, a former general partner at Andreessen Horowitz.
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The terms of the transaction weren't disclosed, but Axios reported earlier this month that the companies had discussed a purchase price of more than $100 million. Srinivasan will also take on an evangelist role for Coinbase and cryptocurrency at large, "educating the world and recruiting crypto-first talent to the company", Coinbase CEO Brian Armstrong said in a blog post. He also holds degrees in electrical engineering chemical engineering from Stanford University and has taught courses in data mining, stats, genomics and blockchain.
It's the fifth acquisition Coinbase has made to date and the second since poaching LinkedIn's mergers and acquisitions boss Emilie Choi..
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The Earn.com deal follows Coinbase's acquisition last week of Cipher Browser, a mobile decentralized application browser and wallet.
Coinbase has been busy on acquisition front. The company also hired Tina Bhatnagar from Twitter recently.
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The founder of CoinRoutes, Dave Weisberger, told Business Insider that Coinbase should focus its resources on understanding markets and regulations and developing its trading technology, which is not at the same level as more established exchanges like the New York Stock Exchange or the Nasdaq. Earn, which was originally backed by Andreessen Horowitz, and Tyler and Cameron Winklevoss, can compensate users in any country for replying to an email or completing a simple task, even if they don't have a bank account. Many platforms in the cryptocurrency space, at the moment are hypothetical.