Coinbase Cryptocurrency Just Acquired Earn.com

Lloyd Doyle
April 17, 2018

As part of Coinbase, Srinivasan said Earn.com will continue to operate as a standalone business but will work to scale its model across Coinbase's user base. Earn.com, which rebranded from 21.co at the end of previous year, provides a platform that allows users to earn cryptocurrency by answering emails.

Although the figure on the deal was not officially disclosed, Recode pegs it at "slightly more than $100 million" while Axios prices it as "north of the $120 million it raised in total VC money". Earlier in 2015, Earn received $310 million in funding, according to PitchBook. In an interview to Fortune, Balaji said, "Everyone is aligning behind Coinbase as the victor of blockchain in the US.As you've seen and continue to see, it has become a magnetic node".

Armstrong also wrote that Coinbase would "double down" on Earn's model which utilized one of the first practical applications of blockchain technology.

Earlier in March, Emilie Choi from LinkedIn joined Coinbase to lead new partnerships and acquisitions. Eric Scro, a former New York Stock Exchange executive was also hired as VP of Finance in March.


On Friday, it announced a deal to buy mobile app browser and wallet for the Ethereum blockchain called Cipher Browser. The company also hired Tina Bhatnagar from Twitter recently. Earlier this month, the cryptocurrency exchange launched a fund known as Coinbase Ventures to support early-stage start-ups. In 2017, the company transitioned itself as a paid email and social media platform. Earn, which was originally backed by Andreessen Horowitz, and Tyler and Cameron Winklevoss, can compensate users in any country for replying to an email or completing a simple task, even if they don't have a bank account.

Fortune.com points out that Srinivasan and Coinbase's founders have known each other since 2013. He also holds degrees in electrical engineering chemical engineering from Stanford University and has taught courses in data mining, stats, genomics and blockchain.

Commenting on the new CTO appointment, he added: "As CTO of Coinbase, Balaji will serve an important role as ‎the technological evangelist for the company". Srinivas has won the prestigious Wall Street Journal Innovation Award for Medicine.

Other reports by Iphone Fresh

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