Fun

Coinbase Closes Earn.com One Year After $100M Acquisition

News Feed - 2019-12-24 07:12:34

Coinbase Closes Earn.com One Year After $100M Acquisition


Coinbase is shutting down the startup Earn.com which it acquired for an estimated $100 million last year. The email service allowed senders to pay users in digital currency for replying to commercial messages or completing tasks.


Also Read:Coinbase Acquires Earn.com for an Estimated $100 Million Coinbase Says Goodbye to Earn.com


San Francisco-based cryptocurrency trading platform Coinbase has reportedly decided to shut down Earn.com (formerly known as 21 Inc). The exchange notified clients of the decision via email, explaining that it is “sunsetting Earn.com to focus exclusively on Coinbase Earn,” The Block reported on Monday. Users of the service were given about two months’ notice until they have withdraw all their funds.


The company also added that it plans on “scaling Coinbase Earn even further by adding more campaigns to the platform, to connect more blockchain networks with engaged crypto users.” Coinbase Earn is a service meant to incentive people to learn more about new cryptocurrencies. The educational platform rewards users with tokens for completing various tasks such as watching videos and taking quizzes on crypto-related content.


$100 Million Acquisition


The idea behind Earn.com was allowing senders to pay users in digital currency for replying to emails and completing tasks, which is meant to benefit both normal email users and large-scale senders of commercial emails. A normal email user could earn crypto by replying to emails and also use the price of inbound emails as a signal to rank them by importance. Senders of commercial email could use Earn.com to pay users to get them to reply to messages regrading subjects such as recruiting, fundraising, and marketing which most users just filter as spam under normal circumstances.


Coinbase only announced that it had acquired Earn.com in April 2018. The two sides have not revealed the financial details of the deal but it wa estimated at the time to be just above $100 million. This was considerably lower than previous valuations for the startup and caused a push-back from investors according to Silicon Valley media reports.


As part of the acquisition, Earn’s co-founder and CEO Balaji Srinivasan joined Coinbase as the company’s first Chief Technology Officer (CTO). Earn.com promised its users at the time that it was not ”going down” or drastically changing. In fact, the company claimed that the product was only going to get “bigger and better” as a consequence of this deal.


What do you think about Coinbase shutting down Earn.com? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. Share this story: Tags in this story acquistion, Coinbase, earn, earn.com Related Poloniex Restores Unverified Accounts With Unlimited Trading EXCHANGES | Lubomir Tassev


In times of mounting pressure on crypto companies to comply with expanding due diligence requirements, Poloniex has taken a step… read more. Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020 EXCHANGES | Kai Sedgwick


12 months ago, crypto derivatives platform Bybit officially launched. The Singapore exchange, which also has offices in Hong Kong and… read more. Avi Mizrahi


Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong. Please enable JavaScript to view the comments powered by Disqus.

News Feed

Tom Blackstone4 hours agoConnext founder proposes ‘Sovereign Bridged Token’ standard after Multichain incidentEIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint token
Report Shows Financial Troubles Plagued Bankman-Fried’s Alameda Research as Early as 2018
Report Shows Financial Troubles Plagued Bankman-Fried’s Alameda Research as Early as 2018 Before FTX collapsed it was assumed that Alameda Research was one of the top quantitativ
Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge
Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge The cryptocurrency exchange Coinbase has introduced a new liquid staking ethereum derivative token ahead
Marcel Pechman14 hours agoEthereum price won’t see $2K anytime soon, market data suggestsWeak derivatives metrics, and declining TVL and DApps use, put Ethereum bears in a better position to keep ETH price below $2,000
Thailand SEC opens doors to US spot Bitcoin ETFs for accredited investors
Martin Young3 hours agoThailand SEC opens doors to US spot Bitcoin ETFs for accredited investorsThe Thailand regulator has made the changes necessary to allow certain investors to gain exposure to the United States-liste
Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey
Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: SurveyThe crypto industry in India is experiencing massive growth, according to a new survey of cry
Cardano Price Prediction: Analyst Says $0.8 Might Not Come Again If This Wedge Breaks Out
Este artículo también está disponible en español. As part of his Cardano price prediction, crypto analyst CobraVanguardhas revealed what needs to happen for ADA to never
Top 100 DeFi Hacks: Offchain attack vectors account for 57% of losses
Zoltan Vardai10 hours agoTop 100 DeFi Hacks: Offchain attack vectors account for 57% of lossesDespite the falling number of smart contract exploits, hackers could surpass the previous year in terms of total value stolen.
US government asks for court approval to sell private jets tied to Sam Bankman-Fried
Turner Wright5 hours agoUS government asks for court approval to sell private jets tied to Sam Bankman-FriedThe U.S. Marshals Service has custody of a Bombardier Global tied to FTX, and prosecutors are seeking to transpo
SEC Delays 4 Bitcoin ETF Deadlines — Regulator ‘Finds It Appropriate to Designate a Longer Period of Time’
SEC Delays 4 Bitcoin ETF Deadlines — Regulator "Finds It Appropriate to Designate a Longer Period of Time" On Friday, the U.S. Securities and Exchange Commission (SEC) has delaye
JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing ‘No Intrinsic Value’
JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing "No Intrinsic Value" The CEO of global investment bank JPMorgan has warned investors about inves
Derek Andersen4 hours agoFTX co-founder Wang discusses plea deal, knowledge of financial concepts at SBF trialOn the final day of his testimony, FTX co-founder Wang discussed talking to the feds and his interpretation of