Mapping out Coinbase’s acquisitions and investments | Blockchain is eyeing a stablecoin partnership it says could ‘shift the market’
|Jan 21, 2019|
“For us [Blockchain], stablecoins give us the power of giving everyone a US dollar checking account. If you think about that, it’s kind of crazy. There’s no challenger bank with 30 million bank accounts. At the same time as we do that, we’ll be doing it in a way that allows them to still control their funds, to still be financially sovereign individuals.” — Peter Smith, CEO Blockchain
The Big Block
Coinbase, one of the largest cryptocurrency exchanges in the U.S., has stood out among its competitors as one of the most active in mergers and acquisition.
The firm, which is valued at $8 billion, has had a lot of cash on hand to snap up smaller firms across the nascent crypto world, including most notably Earn, a firm that provides a platform for folks to earn crypto by answering emails. It was reported that Coinbase acquired Earn for a figure above $100M, which would be Coinbase’s largest deal out of the 13 in total. The exchange operator also acquired Paradex, the decentralized exchange, and Keystone, a broker dealer.
The Block has also learned of three unannounced small acquisitions:
Seneca Systems: a platform to improve workflow for governments.
CryptoFin, an ethereum DAO that pivoted to become a basket of crypto investments.
Bumpers, a music application.
Behind Coinbase’s acquisition activity is Emilie Choi, previously the top dealmaker at LinkedIn, who in an interview with Business Insider described the firm’s strategy as “business in the front, party in the back.”
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Around The Block
Blockchain is eyeing a stablecoin partnership it says could ‘shift the market’
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