Digital currency wallet Coinbase has acquired Earn.com, an app that lets users earn Bitcoin by replying to emails.
As part of the transaction, Earn co-founder and CEO Balaji Srinivasan will join Coinbase as its first CTO. In this position, Balaji will serve as the technical evangelist for the company and hiring crypto-first staff. This acquisition will also see the whole Earn team join Coinbase.
While the value of the deal was undisclosed, various reports in the media have put it at around $100m.
Earn.com enables senders to pay its users in cryptocurrency for replying to emails and completing various other tasks. When a user receives an email, there will be conditions that need to be met and once they have been completed they will earn the cryptocurrency, which they can keep or donate to charity through the app.
Senders are able to send money to multiple users in order to get quick responses for campaigns such as fundraising, marketing or recruiting. The platform, which uses blockchain technology, also offers users the ability to search public profiles, integrate with Gmail, and outsource work to Twitter and Facebook followers.
Founded in 2012, Coinbase connects bank accounts, debit cards or credit cards to its cryptocurrency exchange to trade in an out of local currency. The company, which is a used in 32 countries, stores the digital tokens on the platform and are covered with insurance.
In a blog post Coinbase co-founder and CEO Brian Armstrong said, ?Were 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.p>
This acquisition comes just a month after Coinbase launched its Index Fund. The vehicle is designed to help accredited investors to back blockchain-based digital assets.
Last year, the company picked up a $100m Series D investment led by IVP to support its team growth and the opening of an office in New York.
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