Coinbase is known for one of the biggest Cryptocurrency exchange in this Cryptosphere. While making millions, this company is getting into acquisition spree. This $1.6 billion bitcoin exchange just snapped another Crypto company by acquiring Earn.com.
Coinbase announced Monday that it has acquired Earn.com, a Crypto Reward Company which was founded by Balaji Srinivasan while making him the first Chief Technology Officer of Coinbase.
Just before few days of acquiring Earn.com, it acquired Cipher Browser, a cryptocurrency wallet company that lets user store the ethereum-based Tokens. It seems like, this company is on an expansion spree by hiring some of the biggest names in cryptocurrency.
“We’re going to be doubling down on the Earn business within Coinbase, as they have built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction,” the company said.
In March, CoinDesk’s Pete Rizzo reported about Earn.com having in talks with Coinbase. Earn.com was rebranded at the end of 2017 from 21.co. It aims to provide users a stable platform that gives cryptocurrency as the reward by answering emails.
Along with acquiring Earn.com, Coinbase has hired Aleisa Haas as their first CFO ever. For now, Haas is expected to help Oz Management with the transition till the 1st of June, after that, she will join the full-time role of Coinbase CFO.
However, the hiring of High-profile CFO comes months ago before a company makes this public. As, according to the reports, Coinbase had been actively looking for CFO for quite some time.
“I’m incredibly excited to have Alesia join Coinbase as our new CFO. She brings deep financial services experience to our growing company,” Coinbase CEO Brian Armstrong said of the hire.
Though, some market observers are saying that Coinbase is biting off more than it can chew. Dave Wiesberger, who is the founder of CoinRoutes said, “They have failed to consider the implications of these topics along with understanding institutional needs, including how and why dark pools evolved, and nature of-of fragmentation in displayed markets”. He purely means that Coinbase should focus on its products and services by understanding the market needs instead of acquiring more and more startups.
However, Coinbase’s institutional grade exchange, GDAX is working more and more on providing users advanced features such as order types and products tied to market data.
We can see another hiring by Coinbase according to a recently posted job ad for the head of market structure to “develop marketplace improvements such as new order types, liquidity incentive programs, and market safeguards.”