Coinbase has been aggressive when it comes to capturing the most potential startups. On Jan 17, 2019, in an undisclosed deal, Blockspring a California based data collection startup reported acquisition by Coinbase. This is Coinbase’s first major acquisition this year, it is worth noting that coinbase executed 4 major acquisition in 2018.
Coinbase’s acquisition in 2018-2019 so far
- Apr 16, 2018 – Coinbase Acquires Earn.com
- May 2018 – Acquisition of trading platform Paradex
- June 06, 2018 – Acquisition of financial services firm, Keystone Capital Corp
- Aug 15, 2018 – Coinbase acquires San-Francisco based Distributed Systems team
- Jan 2019 – New Acquisition of Data Collection Startup, Blockspring
Coinbase hunting crypto grounds for talent
Reports unveiled that the world’s largest cryptocurrency exchange Coinbase has acquired Blockspring, a data collection startup based in San Franciso. Although Coinbase didn’t reveal anything (neither on its website nor on social media), one of its representatives confirmed to media today and’ declined to comment further’. Henceforth the amount of acquisition is also out of sight. As per the data, the startup had earlier raised $3.5 million from investors, including coinbase investors – SV Angel and A16z.
However, the announcement was primarily broke out via official blog of ‘Blockspring’ and the social media accounts of its officials. CEO Paul Katsen notes in a statement;
“Joining Coinbase was a no-brainer for a number of reasons including its commitment to establishing an open financial system and the strength of its engineering team, led by Tim Wagner (formerly of AWS Lambda). Making the technical simple and accessible is what we’ve always been about at Blockspring. And now we’ll get to push these goals forward along with the talented folks at Coinbase to make something greater than we could on our own,”
Unlike other acquisitions like Keystone Capital Corp in June 2018, Digital identity startup, Distributed System during Aug 2018, this purchase is more likely ‘a talent-related acquisition’.
This is because; the staff of Blockspring will continue to work but with Coinbase team. By joining the Coinbase team, there would be no difference to the existing and new customers of Blockspring. Customers can still enjoy Blockspring services. Tim Wagner, the lead official of Blockspring announced on Twitter;
Excited to share that the @Blockspring team is joining Coinbase to help build out our developer tools. They’ve built an impressive platform that connects hundreds of different APIs and we’re excited for them to continue their work here at Coinbase!
— Tim Wagner (@timallenwagner) January 16, 2019
What’s your take of Coinbase’s new acquisition? Let us know.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com