Coinbase Acquires Earn.com for $100 Million, Hires CEO as Chief Technology Officer
Digital Currency Exchange Platform, Coinbase has acquired Earn.com, a social network that lets people earn and spend Bitcoin, and has hired the startup’s CEO, Balaji Srinivasan, as its first-ever chief technology officer.
The rest of the Earned.com team will also move over to Coinbase. Srinivasan holds a BS, MS and PhD in Electrical Engineering and an MS in Chemical Engineering, and is known as an early evangelist of Blockchain technology and cryptocurrencies.
Earn.com, formerly known as 21.co along with Coinbase, did not disclose the terms of the deal. The price tag was rumored, however, to be around $100 million.
21.co raised more money than just about any other Bitcoin startup at the time. The company eventually pivoted away from hardware, changed its name to Earn, and built a social network around cryptocurrency.
“Earn has built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction. We will keep Earn’s business running because it’s showing a lot of promise and potential.”
Before venturing into the start-up, Earn.com, Srinivasan was a General Partner at Andreessen Horowitz. Coinbase and Earn.com are both backed by Andreessen Horowitz. Srinivasan will reportedly continue to be involved with Andreessen Horowitz, and apart from the CTO position at Coinbase, will also be responsible for recruiting crypto talent to the company. Srinivasan said
“With Coinbase’s user base and distribution muscle, I think it could hit $100 mln 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.”
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