Coinbase acquires Earn.com in a massive deal

Coinbase CEO Brian Armstrong

While the terms of the deal have not been disclosed officially, Recode reported that the offer was a little over $100 million.

In a blog post about the acquisition, Brian Armstrong, CEO, Coinbase, wrote, "Today, I'm thrilled to announce that Coinbase has acquired Earn.com, 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)".

Before running Earn, which lets users send and receive digital currency for replying to emails and completing tasks, Srinivasan was a general partner at venture capital firm Andreessen Horowitz. Earlier in 2015, Earn received $310 million in funding, according to PitchBook.

Earn.com formerly operated as a bitcoin mining company under the name 21.co previous year it rebranded itself as a social network and is now regarded as one of the few practical blockchain applications to gain meaningful traction. Coinbase was first rumored to be in talks to acquire Earn.com April 6.

On Friday, it announced a deal to buy mobile app browser and wallet for the Ethereum blockchain called Cipher Browser.

Spring Show showcases art from 18 different local artists
Organizers set up a GoFundMe page to help raise the $18,000 they'll need to be able to bring the exhibit to Sand Springs. The exhibition is free to the public and located in rooms 230 and 240 of the Art and Communication Building.

It's the fifth acquisition Coinbase has made to date and the second since poaching LinkedIn's ‎mergers and acquisitions boss Emilie Choi.‎.

It's also looking to hire a head of market structure to "develop marketplace improvements such as new order types, liquidity incentive programs, and market safeguards", a recently posted job ad says. Eric Scro, a former New York Stock Exchange executive was also hired as VP of Finance in March. Earlier this month, the cryptocurrency exchange launched a fund known as Coinbase Ventures to support early-stage start-ups.

Founded in 2013, Earn originally was developing chips and hardware for ‎cryptocurrency ‎mining. In 2017, the company transitioned itself as a paid email and social media platform.

A Stanford graduate, who holds a BS, MS and PhD in Electrical Engineering and an MS in Chemical Engineering, Srinivasan is highly prized in Silicon Valley.

Brain Armstrong, the CEO of Coinbase said "In addition to welcoming Balaji, we're also very pleased to welcome the Earn.com team to Coinbase". Srinivas has won the prestigious Wall Street Journal Innovation Award for Medicine.

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