Coinbase, a San Francisco-based digital currency exchange provider, has acquired crypto company Earn.com, for an undisclosed sum.
Silicon Valley-based Earn was founded in 2013 and enables users to send and receive cryptocurrency to reply to emails. The firm was formally known as 21.co.
Earn co-founder and CEO Balaji Srinivasan will join Coinbase as the company’s first chief technology officer (CTO) as part of the deal, and will act as the firm’s “technological evangelist”.
Coinbase co-founder and CEO Brian Armstrong said: “Balaji will evangelise for both crypto and for Coinbase, educating the world and recruiting crypto-first talent to the company.”
Srinivasan previously served as a general partner at American venture capital firm Andreessen Horowitz. The remaining team of Earn will also migrate to Coinbase eventually.
“We’re going to be doubling down on the Earn business within Coinbase, as they have built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction,” Armstrong noted.