Digital currency exchange Coinbase buys Earn.com

From left to right Asiff Hirji — President & COO Balaji Srinivasan — CTO and Brian Armstrong — CEO

From left to right Asiff Hirji — President & COO Balaji Srinivasan — CTO and Brian Armstrong — CEO

Formerly known as 21 Inc, Earn.com started out as a bitcoin mining startup, but eventually became a cryptocurrency-based professional networking platform that allows users to earn bitcoin by answering emails and completing other tasks.

Part of the move includes a new role for Earn.com's CEO Balaji Srinivasan, who will now be the first to hold the title of "Chief technology officer" at Coinbase.

Although the figure on the deal was not officially disclosed, Recode pegs it at "slightly more than $100 million" while Axios prices it as "north of the $120 million it raised in total VC money".

Following the acquisition, Coinbase, with its infrastructure, is planning to double the business of Earn, which has successfully built a paid email product that is arguably one of the best practical and meaningful examples of blockchain applications.

Earlier in March, Emilie Choi from LinkedIn joined Coinbase to lead new partnerships and acquisitions. The company also hired Tina Bhatnagar from Twitter recently. Last week, Rachel Horowitz, former Facebook and Twitter communications director, joined Coinbase. It also hired Eric Scro, a former New York Stock Exchange executive, as VP of Finance in March. The company reports that thousands of senders have sent millions of dollars worth of paid messages through its platform for recruiting, fundraising, and marketing.

It has since pivoted to crypto-based ‎messaging technology, which ‎some believe the ultimate goal was to decentralize its network allowing each person to ‎join the ‎project and earn digital currencies for their micro-tasks.‎. He has taught data mining, stats, genomics, and blockchain courses at Stanford, as well as an online MOOC in 2013 which reached 250,000+ students worldwide. Before joining a16z, he was the cofounder and CTO of Counsyl, where he won the Wall Street Journal Innovation Award for Medicine and was named to the MIT TR35.

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