Coinbase CEO Brian Armstrong has announced through the company blog earlier today that Coinbase has successfully acquired Earn.com. As part of the acquisition, they had made Earn’s CEO Balaji Srinivasan the company’s first ever Chief Technology Officer (CTO).
As the new Coinbase CTO, Srinivasan will be “educating the world and recruiting crypto-first talent”. Aside from Srinivasan, the entire Earn.com team will also be migrating to Coinbase. Armstrong exclaimed in the blog post:
“Balaji and the entire Earn team will have a profound impact on our momentum towards a crypto-first company and culture. We’re so glad they’re here!”
The companies in question have not disclosed the terms of the deal but Recode has reported that the acquisition cost over $100 million.
Changes to Earn
The conventional way of acquiring cryptocurrencies is by buying them. Earn provides people with another way to acquire crypto as it allows users to earn them by completing micro-tasks.
Existing Earn users will not experience anything different for now. The only notable change in the Earn operations is that the Earn token launch will not be prioritized as the company’s main focus now is the Coinbase move. Earn is expected to be announcing new features in the coming weeks.
In a blog post writtern earlier today, the company said:
“Thanks to the blockchain, anywhere there’s a phone, there’s a job. We think that’s an exciting vision and we’re going to work hard on achieving that at Coinbase!”