Coinbase Acquires Bitcoin Social Network Startup


Coinbase has acquired, a crypto startup company that enables users to monetize their email messaging with digital currency, for an undisclosed amount rumored to be north of $100 million. With the acquisition, CEO Balaji Srinivasan will join Coinbase as its first-ever chief technology officer.

“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,'” said¬†Brian Armstrong, Coinbase‚Äôs co-founder and CEO, in a blog post announcing the news. Coinbase plans on continuing to run, further expanding on its recent move to support blockchain projects conducting Ethereum-based token airdrops., formerly known as until rebranding late last year, was founded in 2013 and raised as much as $120 million since that time, the most of any bitcoin-related startup to date. Coinbase and are both backed by Andreessen Horowitz, a Silicon Valley venture capital firm where Srinivasan was a former general partner until 2015 and continues to serve as a board partner. initially planned to conduct its own ICO to launch a token to function across its platform but has since placed that plan on hold due to the upcoming integration with Coinbase, according to the announcement.

“If you‚Äôre an existing user or sender, everything will continue as before in the short term, with one exception: we‚Äôve put our token launch on the back burner and will instead focus on integrating with Coinbase‚Äôs 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! Over the next few weeks, as we integrate and ship new features, we will make announcements as we do so.”

The acquisition is the second major move by Coinbase in as many weeks. They recently announced Coinbase Ventures, an early-stage venture fund designed to support young blockchain-based startups.

More:¬†Coinbase Just Bought One of Bitcoin’s Biggest Startups
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