Coinbase purchases a Bitcoin firm named Earn.com. It is a trade which allows users to get paid in digital currency if users respond to the emails and complete tasks. Balaji Srinivasan, co-founder, and Chief Executive Officer was a general partner at Andreessen Horowitz. Currently, he will be joining as a Chief Technology Officer at Coinbase, a cryptocurrency exchange.
Earn.com was known as 21 Inc. It ran a bitcoin mining operation that was featured by Intel technology. As per reports revealed on Monday states that Coinbase and other potential purchasers were in an auction to conquer Earn.com.
Coinbase purchases Earn.com
Later, 21 Inc released its eponymous developer-focused 21 Bitcoin Computer in 2015. During the process, well-known Silicon Valley investors supported the firm. Further, it turned into $116 million and raised over multiple funding rounds.
Recently, in the month of October 2017, 21 Inc was renamed to Earn.com. Basically, it was on a surge to release a social network and aimed at incentivizing users to accomplish tasks in exchange and rewarded digital currency.
Few sources asserted that the total amount of cash, crypto-assets, stocks and earn is more than $120 million.
Bestowing to a report from Recode, the Coinbase deal is slightly more than $100 million. The broadcast states that few Earn’s existing investors flinch at overture.
Further, Earn.com and Coinbase will be unified to work with the existing operations. Later Earn.com stated that “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”.
Moving forward, Srinivasan will lead Coinbase platform and recruit new cryptocurrency enthusiasts. This news appeared after the acquisition announced last Friday. The reports announce that Coinbase conquered mobile wallet Cipher Browser.
Image Source:- Coinbase