This week, Coinbase shared that it will be acquiring Earn.com, one of the market’s top startups. In a statement released yesterday, explained that Coinbase had been negotiating with Earn.com, along with some other potential buyers.
Earn.com was formerly called, 21 Inc, and it ran a Bitcoin mining operation that was operated with Intel technology. The company then moved on to create the developer-focused 21 Bitcoin Computer, back in 2015. The company was backed by popular Silicon Valley investors, in the amount of $116 million.
Since then, the company has restructured and changed its name to Earn.com. The company launched a social network last year that focuses on offering incentives to users, to complete tasks in exchange for digital currency rewards.
Although Coinbase did not publicly disclose the exact details of the agreement, anonymous sources originally disclosed that the total amount in cash, crypto-assets, stocks and earn-out being pursued might be over $120 million. However, a newer report says the deal was just over $100 million.
Included in the acquisition terms is the fact that Balaji Srinivasan, co-founder and CEO of Earn.com, will step in as Coinbase’s first chief technology officer. Coinbase plans to integrate the Earn.com team with its operations, and the company’s current business will proceed as normal.
Coinbase explained, “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.”
In his new role, Srinivasan plans to help lead the development of the Coinbase platform, along with recruiting new digital currency talent.