Coinbase Crypto Company Acquires Tech Startup Blockspring API Data Service
Coinbase Acquires Tech Startup Blockspring
In its continuous effort to get all the best talent in the industry, Coinbase has decided to acquire a new company. Now it is the time of Blockspring to be added to Coinbase’s collection. The company is a San Francisco-based startup has created a product that lets developers collect data and use with the help of Blockspring’s APIs.
The deal was, unfortunately, undisclosed, so we can only speculate about how much money was paid for the transaction.
The company was created to be a serverless data business, but it turned out that the main service that the company got famous for was the API data service. This service includes many functions including building lists and repositories that can be used for marketing and sales purposes. Blockspring has many clients now and charges only $29 USD for its most simple service.
According to Crunchbase, the startup has raised over $3.5 million USD from angel and venture capital investment and Coinbase already had its eye on it as it participated in these funding rounds.
The reports inform that the team will now join Coinbase but that they will continue to offer their products for their clients as well and will still get new customers.
Paul Katsen, Blockspring’s CEO, has affirmed that joining Coinbase was “a no-brainer”. According to the CEO, there are many great reasons to be a part of Coinbase like the open financial system, the great team. He believes that the company will push its goals forward with the acquisition and both companies will help each other a lot.
Coinbase Is Using The Money It Acquired From Investors To Buy Companies
It can be clearly seen now that Coinbase is using some of the money that it has raised from venture capital investors last year to acquire more companies. Blockspring is the eleventh acquisition that Coinbase has made since them.
The company is taking all the talent that it can to create a great team and these acquisitions are helping to improve its business.