Cyrptocurrency exchange Coinbase is in talks to buy Bitcoin social network startup Earn.com, reports said. Under the proposed deal terms, Earn.com CEO Balaji Srinivasan is likely to join Coinbase.
The purchase price is $30 million, according to blockchain-focused media outlet Coindesk. Another report said the total value of cash, cryptocurrency, stock and earn-out in the deal would exceed $120 million. Since its founding in 2013, Earn reportedly has raised around $120 million over multiple funding rounds.
Earn.com, a LinkedIn-esque app that runs on a blockchain and pays users with bitcoin for using the platform, is said to be in talks with multiple parties regarding a potential acquisition.
Coinbase earlier had announced that it hired Emilie Choi as its vice president of corporate and business development. Choi is the former head of mergers and acquisition at LinkedIn.
Earn.com previously was called 21 Inc., a maker of bitcoin mining hardware. Effective October 30, 2017, the startup rebranded and changed its name to emphasize its focus on using cryptocurrency to power a social network. The startup rewards its users if they answer emails or complete surveys, according to a company blog post.
CEO Srinivasan had described Earn.com as the first commercial social network combining elements of LinkedIn and Amazon’s Mechanical Turk, and said the new name gives people an easier way to understand the purpose of the company.
The company was also planning to issue a token to replace bitcoin as the currency it uses to reward users.
by RTT Staff Writer
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