The major US digital asset exchange Coinbase has further expanded its scale of activity and influence. The company has acquired Andreessen Horowitz-backed Blockspring, a San Francisco-based firm that produces tools for automatical gathering and processing information from application programming interfaces (APIs).
— Blockspring (@Blockspring) January 17, 2019
Blockspring noted that despite joining Coinbase, the APL developer will continue to operate as an independent company and its products will continue to operate for current and new customers as they always have.
In a blog post, Paul Kalsen, the co-founder and CEO at Blockspring, wrote:
“Joining Coinbase was a no-brainer for a number reasons including its commitment to establishing an open financial system and the strength of its engineering team, led by Tim Wagner (formerly of AWS Lambda). Making the technical simple and accessible is what we’ve always been about at Blockspring. And now we’ll get to push these goals forward along with the talented folks at Coinbase to make something greater than we could on our own.”
According to CoinMarketCap, Coinbase is the 39th largest exchange in the world. The company, which is well-known for its services and a range of products, is continuously expanding.
For Coinbase, Blockspring is one of the eleven firms the exchange has acquired for its collection. The largest acquisition took place in April 2018 and involved a $120 million deal for Earn.com, known for developing a social network and two-sided marketplace that enables users to earn digital currencies by replying to emails and fulfilling microtasks. The deal became the fifth acquisition by Coinbase. Soon after the acquisition, which involved an offer of equity package, the valuations of the exchange operator have soared to $8 billion.
Also in April 2018, Coinbase acquired Cipher Browser, an Ethereum blockchain-based app browser and wallet service provider. Among other companies bought out by the exchange are Keystone Capital, Distributed Systems Inc., and others.
In December 2019, Coinbase received support for its accounts and wallets from Wealthfront, the SEC-registered investment advisor. As part of this integration, Wealthfront users are now able to track their cryptocurrency investments using the Wealthfront’s financial planning tool. During the first few months of 2019, savings and checking accounts are to be provided.
Blockspring is a tech startup famous for the API data service which includes building lists and repositories that can be used for marketing and sales purposes. Blockspring connects your applications to your data, allowing the automation of exports, refreshing and warehousing. The company is pretty popular and has a lot of clients. For its services, Blockspring charges only $29 USD.
In 2015, the company raised $3.4 million in a round led by venture capital firm Andreessen Horowitz and seed-stage investment firm SV Angel, while also having support from venture fund Y Combinator.