The super-popular cryptocurrency exchange, Coinbase, has shared that it will be adding on additional engineering talent to its team in order to help the company further capitalize on the cryptocurrency revolution and keep up with the large amount of new investors.
The company will be welcoming on the engineering team from Memo.AI, a relatively new startup that has built a Slackbot for assisting technical teams in coordinating notes and instructions.
This week, the small company shared that it will be closing its current service on March 16 and will not be accepting any new registrations before it shuts down. The co-founder, Mircea Pasoi, stated in a recent blog post that the company failed to, “succeed in finding product/market fit and building a sustainable business.” Customers will need to export their data before the service ends in March, and active paying teams can expect a refund.
Pasoi went on to explain, “We decided to join Coinbase because we’re super excited about the company’s mission of building an open financial system.”
Among the startup’s investors is Kevin Weil, the SV Angel, Bloomberg Beta, Version One Ventures and Instagram Product Head. The co-founders of Memo.AI previously created, Summify, a social network summation tool that Twitter acquired back in 2012.
For Coinbase, bringing in this startup team stems from a need to focus on its engineering efforts in order to keep up with the sudden increase in digital money investments. With Memo.AI, Coinbase will be acquiring the additional engineers that the company greatly needs, and this group of engineers has vast knowledge and experience in making pipelines that help technical teams operate.
At the end of last year, several major exchanges had to shut down their new user registration, because they could not keep up with the boom of new users. Hopefully Coinbase will not have this problem, now that they have joined forces with this new team.