Coinbase expands its portfolio by acquiring Spindl, a blockchain advertising platform, integrating it into Base network. This move follows several strategic acquisitions aimed at strengthening market position.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Coinbase has continued its expansion spree with yet another acquisition this year. On January 31, the American-based crypto exchange announced its latest purchase—Spindl, a blockchain advertising platform—along with its entire team.
With this acquisition, Coinbase aims to enhance on-chain advertising by providing developers with better tools to promote their projects. The move is intended to address visibility challenges faced by on-chain builders and accelerate innovations in blockchain-based advertising technology.
Bringing 1 billion people onchain starts with backing the builders making it happen
Welcome to the @spindl_xyz team, helping builders go viral onchain and find distribution on @coinbase and across the onchain economy pic.twitter.com/57G17p8s6H
— Base (@base) January 31, 2025
The addition of Spindl follows Coinbase’s December acquisition of the Cyprus-based unit of BUX, which was rebranded as Coinbase Financial Services Europe. Through this deal, Coinbase secured a Cyprus Investment Firm license, allowing it to offer contracts for differences and expand its services across European Economic Area member states.
Unlike the BUX acquisition, which will operate as a separate entity, Spindl will be integrated into Base, Coinbase’s Ethereum layer-2 scaling solution. While Spindl will continue serving its existing clients, it will also explore new opportunities within the Base ecosystem.
Spindl was established in 2022 by Antonio Garcia-Martinez (AGM), a former Facebook advertising executive. The company specializes in on-chain advertising, and with its integration into Coinbase, it is expected to streamline blockchain ad distribution. This move will empower developers and builders with better outreach and user acquisition tools within Coinbase and the broader crypto economy.
“The Spindl team brings unmatched expertise in onchain advertising, helping builders accelerate their reach while bringing more users onchain by connecting builders with both Coinbase users and users across the onchain economy. Their work will be crucial to expanding the ways we elevate and support builders, and we’re excited for them to hit the ground running,” Coinbase stated.
Coinbase’s expansion strategy extends beyond Spindl, with multiple acquisitions strengthening its market position. In November, the company acquired Utopia Labs, a DeFi startup focused on on-chain payment solutions, reinforcing its presence in decentralized finance.
Earlier in 2023, Coinbase purchased One River Asset Management, an institutional digital asset management firm. This acquisition was aimed at enhancing Coinbase’s services for institutional clients, including trading, staking, and prime brokerage.
Coinbase has also been making moves in the derivatives market, acquiring FairX, a derivatives exchange, to offer regulated crypto derivative products to retail and institutional investors. Additionally, its acquisition of Unbound Security, an Israeli cybersecurity firm specializing in cryptographic security, was a strategic effort to strengthen the exchange’s security infrastructure.
With these acquisitions, Coinbase continues to solidify its position as a key player in the digital asset space, broadening its services and technological capabilities to meet the evolving demands of the industry.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
