Cryptocurrency startup Coinbase has announced the acquisition of Earn.com, one of the industry's best-funded startups.
The firm rebranded to Earn.com last October in a pivot that saw it launch a social network aimed at incentivizing users to complete tasks in exchange for cryptocurrency rewards.
While Coinbase did not publicly disclose the terms of the deal, a source directly involved in the discussions told CoinDesk previously that the total amount in cash, crypto-assets, stocks and earn-out being pursued at the time could exceed $120 million.
According to a new report from Recode, the Coinbase deal "was slightly more than $100 million. The publication also reported that some of Earn's existing investors initially balked at the offer.
As part of the acquisition, Balaji Srinivasan, co-founder and CEO of Earn.com, will become Coinbase's first chief technology officer. The Earn.com team will be integrated with Coinbase's operations and its existing business will continue, Coinbase said.
The startup said:
In his new capacity, Srinivasan will help lead the development of the Coinbase platform, and also recruit new cryptocurrency talent.
The news comes just days after another acquisition deal, announced last Friday, which saw Coinbase snap up mobile ethereum wallet Cipher Browser.
This article has been updated with additional information.
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