Although Coinbase did not disclose the terms of the deal but according to Recode, the offer was more than $100 million.
Brian Armstrong, Co-Founder and CEO of Coinbase announced about acquisition adding that 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,” he announced.
1/ One thing that is great about @earndotcom is that it is helping shift cryptocurrency from the investment phase to the utility phase. Great real world use case.
— Brian Armstrong (@brian_armstrong) April 17, 2018
Coinbase for whom this is already the fifth acquisition, has plans “to be doubling down on the Earn.com 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”.
Balaji Srinivasan in his turn added that they are about to take the model they have proven out at Earn.com and scale it up across Coinbase’s massive user base.
“With this deal, the total value of cash, cryptocurrency, and equity returned to our shareholders is now in excess of the capital invested in the company. I’m proud of what our team has accomplished, I’m proud of the fact that we turned what could have been a real problem into a successful product, and I’m excited about the road ahead,” he noted.
Got a nice announcement for you today in three parts. First, Earn is joining Coinbase! Read all about it here: https://t.co/6oIbrP1Vg7
— Balaji S. Srinivasan (@balajis) April 16, 2018
Let us remind, that prior to serving as the CEO at Earn.com, Balaji Srinivasan was a General Partner at Andreessen Horowitz. Before joining a16z, he was the cofounder and CTO of Counsyl, where he won the Wall Street Journal Innovation Award for Medicine and was named to the MIT TR35.
Balaji holds a BS, MS, and PhD in Electrical Engineering and an MS in Chemical Engineering from Stanford University. He has taught data mining, stats, genomics, and blockchain courses at Stanford, as well as an online MOOC in 2013 which reached 250,000+ students worldwide.