After announcing the acquisition of Cipher Browser , Coinbase announces again the acquisition of a company. The California firm bought the Earn.com site, but not only, as it took the opportunity to name Balaji Srinivasan - CEO of Earn.com - CTO of Coinbase.
Coinbase buys Earn.com
Earn.com was founded in 2013 and was originally called 21 Inc. The company was behind the "21 Bitcoin Computer" , a Raspberry Pi for Bitcoin mining . However, realizing the limited future that these computer systems had to mine Bitcoin due to ASIC competition, the company achieved a significant focus by drastically changing its business model.
"I am proud that we have turned what could have been a disaster into a successful product and I am excited about the road ahead." Balaji Srinivasan
21 Inc was renamed Earn.com . Today, they provide a service that allows users to benefit from micro-cryptocurrency gains in exchange for providing data.
Earn.com has also for its own ERC20 token based on the Ethereum blockchain, the "Earnable Token", literally the "winnable token" which is however listed neither on coinmarketcap, nor on trading platforms. In its press release, Earn.com announces that it has suspended the development of its token.
Coinbase names Balaji Srinivasan CTO
As stated in the introduction, Coinbase has also made Earn.com's CEO its new CTO . Prior to his role as CEO at Earn.com, he was a General Partner of venture capital firm Andreessen Horowitz , where he continues to serve on the Board of Directors. On the university side, he holds a Ph.D. in Electrical Engineering and a Master's degree in Chemical Engineering from Stanford University.
"The plan is to take Earn.com and extend it to all of Coinbase's huge user base" Balaji Srinivasan
Balaji Srinivasan also said that one of his roles at Coinbase would be to study new cryptographic protocols. Perhaps we should see here a clue to the more or less close addition of a new cryptoactif to the platform, especially when we know that it now supports the ERC20 tokens . Balaji also said he would also be part of Coinbase Venture , the venture capital division of Coinbase.
No figures were disclosed regarding Coinbase's redemption amount of Earn.com . Earn.com had previously been funded in Series A and Series B for a total of $ 121.1 million, including Andressen Horowitz, and the Winklevoss Brothers Fund .
