Published: Tue, April 17, 2018
Business | By Tara Barton

Welcome Balaji Srinivasan, Coinbase's new Chief Technology Officer

Welcome Balaji Srinivasan, Coinbase's new Chief Technology Officer

As part of Coinbase, Srinivasan said Earn.com will continue to operate as a standalone business but will work to scale its model across Coinbase's user base. The company has seen wonderful growth in recent months, and in the latest feather to its cap, has announced the acquisition of Earn.com, the well-known service that lets users earn digital currency in exchange for completing tasks like answering emails or taking surveys.

While the terms of the deal have not been disclosed officially, Recode reported that the offer was a little over $100 million. Earlier in 2015, Earn received $310 million in funding, according to PitchBook.

Brian Armstrong, Co-Founder and CEO at Coinbase, said: "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."‎. In an interview to Fortune, Balaji said, "Everyone is aligning behind Coinbase as the victor of blockchain in the US.As you've seen and continue to see, it has become a magnetic node". The company also hired Tina Bhatnagar from Twitter, and last week brought in former Facebook and Twitter communications director Rachel Horowitz.

The founder of CoinRoutes, Dave Weisberger, told Business Insider that Coinbase should focus its resources on understanding markets and regulations and developing its trading technology, which is not at the same level as more established exchanges like the New York Stock Exchange or the Nasdaq.

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Coinbase also announced a deal to buy Cipher Browser, a mobile app browser and wallet for the Ethereum blockchain.

Earlier in April, Coinbase announced a new incubator fund for early-stage start-ups called Coinbase Ventures. In 2017, the company transitioned itself as a paid email and social media platform.

Fortune.com points out that Srinivasan and Coinbase's founders have known each other since 2013. Balaji holds a BS, MS, and PhD in Electrical Engineering and an MS in Chemical Engineering from Stanford University. Before Earn.com, Balaji was a general partner at Andreessen Horowitz and CTO of Counsyl. He has taught courses in statistics, genomics, data mining, and blockchain at his alma mater.

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