Coinbase Buys Tech Startup Blockspring
Andreessen Horowitz-backed tech startup Blockspring has announced it is joining Coinbase, making this the 11th acquisition for the exchange.
US-based cryptocurrency exchange and wallet provider Coinbase has acquired Andreessen Horowitz-backed tech startup Blockspring, the target announced in a blog post last week without disclosing the terms of the deal. According to the statement, the San Francisco-based venture will continue to operate independently with no change to its existing products.
“Joining Coinbase was a no-brainer for a number [of] reasons including its commitment to establishing an open financial system and the strength of its engineering team, led by Tim Wagner (formerly of AWS Lambda). Making the technical simple and accessible is what we’ve always been about at Blockspring. And now we’ll get to push these goals forward along with the talented folks at Coinbase to make something greater than we could on our own,” Blockspring CEO Paul Katsen said.
Blockspring develops tools for collecting and managing data from application programming interfaces (APIs). In 2015, the startup raised $3.4 million in a funding round led by venture capital giant Andreessen Horowitz and seed-stage investment firm SV Angel. Andreessen Horowitz general partner Balaji Srinivasan, who later joined Coinbase as chief technology officer, stated at the time:
“Blockspring turns a company’s business users into an army of engineers able to quickly and easily connect spreadsheets and other applications to web services without any coding experience.”
Coinbase has not yet released an official announcement of the Blockspring acquisition. However, the move was confirmed by engineering VP Tim Wagner, who said in a Twitter post last Wednesday:
“Excited to share that the @Blockspring team is joining Coinbase to help build out our developer tools. They’ve built an impressive platform that connects hundreds of different APIs and we’re excited for them to continue their work here at Coinbase!”
Blockspring is the 11th acquisition made by Coinbase. In 2018, the crypto exchange bought digital identity startup Distributed Systems, financial services provider Keystone Capital, investment manager Digital Wealth, fintech enterprise Venovate, crypto trading relay platform Paradex, token-based social network Earn.com, decentralized app browser Cipher Browser, and note-taking app Memo.AI.