Coinbase Acquires Blockspring

| Publish date: 01/18/2019
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The wallet provider and cryptocurrency exchange Coinbase has now acquired the technology startup Blockspring. Blockspring is a San Francisco based firm, backed by Andreessen Horowitz, that creates tools to help developers automatically collect and process data from APIs (Application Programming Interfaces).

Integrating Services

Blockspring announced this acquisition on its blog post this week and said that joining Coinbase was the right course of action for many reasons, including the company’s engineering team’s strength as well as its commitment to creating a strong and open financial network.

Blockspring’s tools make it easy to extract data from different APIs into Google Sheets and Excel. In 2015, companies such as Y Combinator, Andreessen Horowitz and SV Angel invested in the tech startup. It was at that time that Coinbase’s chief technology officer (CTO) Balaji Srinivasan became an advocate of the company.

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Srinivasan said that Blockspring was able to turn any company’s business users into software engineers. The tech startup’s tools could help anyone connect spreadsheets as well as other applications to various web-based services without them need any prior coding experience.

Blockspring has also developed an integrating into its service for Coinbase.

Still Independent

Despite being acquired by Coinbase, Blockspring will continue to operate as an independent organization. Additionally, the tech firm’s current as well as new customers will not be bound by any changes that may be made to Blockspring’s business.

To this end, Blockspring reassured its customers that it would continue to work as an independent company and that its products would also continue to work the same way for all its customers.

Financial details of the deal have not been disclosed to the public.

Other Initiatives

Coinbase is focused on expanding its footprint. Thus, the Blockspring acquisition is not the only initiative the company has been working on.

A month ago, Coinbase filed an application with the USPTO (US Patents and Trademark Office) to trademark “BUIDL”, a term commonly used in the crypto industry which is also a software developed by the exchange.

BUIDL is a SaaS (Software as a Service) tool that can offer solutions for all activities related to digital assets such as buying or selling, storing, sending or receiving, exchanging, etc.

Prior to that, in August of 2018, the exchange bought out Distributed Systems Inc., another San Francisco based tech startup which develops decentralized identity tools.

Coinbase is currently the 39th biggest cryptocurrency exchange in the world, with daily trading volumes of almost $68 million.

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