Coinbase Acquires, Appoints Founder as CTO

Welcome Balaji Srinivasan, Coinbase's new Chief Technology Officer - The Coinbase Blog

Coinbase Acquires, Appoints Founder as CTO

The company has seen incredible growth in recent months, and in the latest feather to its cap, has announced the acquisition of, the well-known service that lets users earn digital currency in exchange for completing tasks like answering emails or taking surveys.

Financial terms of the deal were not disclosed, but Srinivasan said in his post that "the total value of cash, cryptocurrency, and equity returned to our shareholders is now in excess of the capital invested in the company".'s team will be joining the exchange's operations and its existing business will continue.

"Balaji has become one of the most respected technologists in the crypto field and is considered one of the technology industry's few true originalists", Coinbase CEO Brian Armstrong said in a blog post Monday. 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".

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Earlier in March, Emilie Choi from LinkedIn joined Coinbase to lead new partnerships and acquisitions. It also hired Eric Scro, a former New York Stock Exchange executive, as VP of Finance in March.

It's also looking to hire a head of market structure to "develop marketplace improvements such as new order types, liquidity incentive programs, and market safeguards", a recently posted job ad says.

On Friday, it announced a deal to buy mobile app browser and wallet for the Ethereum blockchain called Cipher Browser. Earlier this month, the cryptocurrency exchange launched a fund known as Coinbase Ventures to support early-stage start-ups.

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Founded in 2013 under the name of 21 Inc., the company originally worked on chips and hardware for cryptocurrency mining that could be implemented into various "internet of things" devices, such as the now infamous bitcoin toaster.

A Stanford graduate, who holds a BS, MS and PhD in Electrical Engineering and an MS in Chemical Engineering, Srinivasan is highly prized in Silicon Valley. The early backers of include Tyler and Cameron Winklevoss, RRE Ventures and Andreessen Horowitz. He was also the cofounder and CTO of Counsyl. He has taught courses in statistics, genomics, data mining, and blockchain at his alma mater.

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