Coinbase have announced that they have just acquired Earn.com and this is one of the best industry-funded start-ups on the market. A statement was released on Monday and it stated that Coinbase and other buyers were very interested in purchasing Earn.com. You may know this site as being 21 Inc.
Earn.com ran a bitcoin mining full-scale operation and it was powered by a lot of technology. This included Intel and ever since then they have launched their own 21 Bitcoin computer. This happened in 2015. The company was backed by investors who came right out of silicon valley and they raised over $116 million over multiple activities.
The firm took a turn and rebranded themselves in October, going from 21 Inc to Earn.com and this saw a social network launch as well. This encouraged users to try and complete certain tasks. If these tasks were completed then they would then go on to earn cryptocurrency rewards. Coinbase did not go public when they announced the terms of the deal but a source that is very close to the discussions has stated that they could be offering over $120 million. This value doesn’t come from cash alone, as it included stocks, earn-out and even crypto assets.
The Coinbase deal was apparently more than $100 million according to Recode, who is another source with inside knowledge. When you combine these two sources, it isn’t hard to see that this deal must have some truth to it.
Earn’s existing investors apparently balked for the offer. The CEO of Earn.com will then go on to be the chief of technology officer over at Coinbase. The Earn.com team will also be merged into every Coinbase operation and business as we know it will continue to happen. The start-up has stated that they have currently been working on an email product that is one of the best blockchain applications. It is gaining a lot of traction at the moment and it is said to keep Earn’s own business running. This is showing a lot of potential and it could be game-changing for the market. New company talent is said to be recruited and this could mean very exciting things for the world of cryptocurrency.