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Coinbase acquires Earn.com

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Earn.com is an app which basically allows people to earn cryptocurrency for completing tasks like answering emails. It has successfully been acquired by Coinbase.
Brian Armstrong, the CEO of Coinbase, blogged about the acquisition. He 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). Balaji has become one of the most respected technologists in the crypto field and is considered one of the technology industry’s few true originalists…As CTO of Coinbase, Balaji will serve an important role as the technological evangelist for the company. Balaji will evangelize for both crypto and for Coinbase, educating the world and recruiting crypto-first talent to the company.”

The exact financial details of this acquisition have not been disclosed by either of the company but it is estimated to be just above $100 million.  According to the agreement the founder will serve as the first CTO and the Earn team will soon join the company.

Brian also wrote: “In addition to welcoming Balaji, we’re also very pleased to welcome the Earn.com team to Coinbase…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 added that: “As CTO of Coinbase, Balaji will serve an important role as the technological evangelist for the company. Balaji will evangelize for both crypto and for Coinbase, educating the world and recruiting crypto-first talent to the company.”

Launch Put on Hold

Earn assured its users that the deal does mean that the company “going down” instead it is going to get “bigger and better”. The company informed that “everything will continue as before in the short term, with one exception: we’ve put our token launch on the back burner and will instead focus on integrating with Coinbase’s infrastructure and scaling up our service. You might be able to guess what this will enable, but stay tuned anyway as you might be surprised!”. The company reports that hundreds of thousands of users have earned digital currency with Earn so far, earning millions of dollars.

Coinbase CEO Brian Armstrong said: “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.”

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