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$ 120 million: Coinbase buys Earn.com in largest ever acquisition

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Coinbase is officially launched on a shopping spree.

The San Francisco-based company announced Monday its second buyout in less than a week, revealing that it had acquired Earn.com, a cryptocurrency startup, confirming rumors that both companies would have held such discussions. ]

The terms of the agreement were not disclosed, but TechCrunch reports that it provided investors – who had collectively given Earn.com nearly $ 120 million in funding to over the years – with a positive return on their investment. This is consistent with previous reports that total compensation is likely to exceed $ 120 million.

Earn.com had an eclectic history. Formerly known as 21 Inc., it was launched as a Bitcoin mining start-up, but eventually became a cryptocurrency-based business networking platform that allows users to earn Bitcoin by meeting emails and performing other similar tasks.

The company stated that it was developing an ERC20 token to power its platform in place of Bitcoin, which is remarkable given that Coinbase recently announced its intention to add full support for the ERC20 tokens following its products. However, Earn.com said in a blog post about the acquisition that it would put its token toss "on the back burner" by integrating its platform into the Coinbase ecosystem.

It is worth noting that the Coinbase blog announcing the acquisition devotes much more space to discussing the former CEO of Earn.com, Balaji Srinivasan, who will join Coinbase as a first director of technology. Prior to directing Earn.com, Srinivasan was a partner at Andreessen Horowitz, and he is the most famous actress of Coinbase to date.

The operation was the second acquisition of Coinbase in as many business days. On Friday, the company announced that it had purchased Cipher Browser, an Ethereum mobile wallet that also allows users to access decentralized applications (DApps).

The only employee of the company, the creator Peter Kim, joined Coinbase as head of the engineering team and will work to integrate some features of Cipher into Toshi , the mobile phone DApp from Coinbase.

As reported by CCN, Coinbase also recently launched its first venture capital fund, Coinbase Ventures, which will provide industry startups with $ 15 million in seed funding.

Image from Shutterstock to photo

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