Coinbase buys for $100 million 5077
Sharat Chandra
Apr 16, 2018 at 11:49 PM

Brian Armstrong, Co-Founder and CEO at Coinbase, announced on his blog today that "Coinbase has acquired, and as part of the acquisition, Earn’s co-founder and CEO, Balaji Srinivasan, will join Coinbase as the company’s first Chief Technology Officer (CTO)."

He adds further, "As CTO of Coinbase, Balaji will serve an important role as the technological evangelist for the company. Balaji will evangelize for both crypto and for Coinbase, educating the world and recruiting crypto-first talent to the company.In addition to welcoming Balaji, we’re also very pleased to welcome the team to Coinbase. Earn allows senders to pay users in cryptocurrency to reply to emails and complete tasks. We’re going to be doubling down on the Earn business within Coinbase, as they have built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction."

Though the financial details of the deal have not been divulged, it is estimated that the transaction could be just above $100 million. The Earn website confirms that the token sale is put on hold and has put the following advisory :
"If you’re an existing user or sender, everything will continue as before in the short term, with one exception: we’ve put our token launch on the back burner and will instead focus on integrating with Coinbase’s infrastructure and scaling up our service. You might be able to guess what this will enable, but stay tuned anyway as you might be surprised! Over the next few weeks, as we integrate and ship new features, we will make announcements as we do so."


Image via Shutterstock