Coinbase acquires Earn.com for $100 million

Coinbase acquires Earn.com for $100 million

Coinbase, one the world’s largest Bitcoin exchange has acquired Earn.com for a reported $100 million.

Earn.com formerly called 21 Inc allows senders to pay users in cryptocurrency to reply to emails and complete tasks.

According to Bitcoin.com, 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.”

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). 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.”

The companies have not revealed the financial details of the deal but it is estimated to be just above $100 million. This is considerably lower than previous valuations for Earn and caused a push-back from investors, this according to Silicon Valley media recode.