Coinbase is quickly ramping up its merger and acquisition operations, as the cryptocurrency exchange and brokerage giant announced on Monday that it has completed its second acquisitions in as many weeks: bitcoin startup Earn.com.
The paid messaging platform — which was originally incarnated as a bitcoin mining startup called 21.co — rewards users with cryptocurrency for answering emails, filling out surveys, and completing other micro-tasks.
Terms of the deal were not made public, but Earn.com CEO Balaji S. Srinivasan wrote in a blog post that “the total value of cash, cryptocurrency, and equity returned to our shareholders is now in excess of the capital invested in the company.”
The company had raised approximately $116 million over multiple funding rounds and at one point was the industry’s best-funded startup. Sources close to the discussions had previously said that the deal would likely exceed that figure, and this comment suggests that it was at least in the same ballpark.
Srinivasan will join Coinbase as a senior executive, becoming the company’s first chief technology officer, while the rest of the Earn.com team will also join the firm and work to integrate the company’s paid messaging platform into Coinbase’s infrastructure.
“If we’re successful in our long-term goals, we will be able to turn the billions of smartphones worldwide into a new source of work. Open the Earn.com app in any country — and receive a personalized, targeted list of paid microtasks and emails just for you,” the company wrote in a blog post. “Thanks to the blockchain, anywhere there’s a phone, there’s a job.”
The acquisition was the second announced by Coinbase in April alone.
As BlockExplorer reported, Coinbase announced last week that it had acquired Cipher Browser, a one-man startup that had built a mobile ethereum wallet and decentralized application (DApp) browser. Cipher’s developer, Peter Kim, joined the company as the engineering team lead for Toshi, Coinbase’s ethereum wallet and DApp browser.
Featured Image from Earn.com/Twitter