By
Godfrey Benjamin
April 23rd, 2024
With a view to add new directions of operations and expand its services, Coinbase may acquire a crypto social network and two-sided marketplace Earn.com.
As it has become known the San Francisco startup Coinbase that made more than $1 billion in revenues last year may carry out the biggest acquisition in its history. Nevertheless, no official comments have been received yet.
According to the CoinDesk, cryptocurrency exchange Coinbase is pursuing negotiations on the issue of purchasing Earn.com that was previously known as 21.co. The initial goal of 21 Inc was to offer its users mining chips that could be integrated into any device in offline regime. But then the team took a decision to change gradually direction of its operations. As a result, in October, 2017 they re-branded their project and changed its name to Earn dot com.
Now Earn dot com is a social network that shows that cryptocurrency can be also applied to this sphere. At the same time, Earn dot com is a two-sided marketplace that enables users to earn digital currencies by fulfilling microtasks. Among them there can be such tasks as filling out surveys, labelling images, quickly replying to emails and referring new users to the platform.
As any other social network, Earn dot com gives its users an opportunity to have public profiles and interact with other users on the platform. The team’s goal is to create a decentralized network that allows each person to join the project and earn digital currencies by performing small tasks.
According to some sources, Earn dot com can be purchased for more than $30 million. Nevertheless, this sum seems to be underestimated taking into consideration the fact that since its launch in 2013 the project has attracted more than $120 million during a number of various funding rounds.
It is supposed that currently Earn dot com is holding talks with a number of parties that are interested in a potential acquisition. As it is known, no contracts have been signed yet.
But it is worth mentioning that in early March Coinbase announced that the former head of mergers and acquisition at LinkedIn Emilie Choi had joined the team as its vice president of corporate and business development. Moreover, if the deal with Earn dot com is concluded, its CEO Balaji Srinivasan could also potentially become a member of Coinbase team.
San Francisco-based cryptocurrency exchange Coinbase is in permanent search for opportunities to widen its operations and extend its geography with a view to ensure better experience for its customers and offer them new services.
Having obtained an e-money license in the United Kingdom, now Coinbase is expanding its services across Europe, hiring new employees to manage the constantly growing demand for their services. It is even expected that this year the staff number will be increased by roughly eight times.
Recently, the company has also announced the launch of its new crypto index fund that is designed to reflect all the major tendencies and changes in the cryptocurrency market.