Coinbase officially announces acquisition of Cipher Browser & Earn.com.
Cybersecurity is becoming a major concern for all cryptocurrency investors who fear that their entire digital fortune could vanish without a trace. As such, future coin offerings will most likely be already packed with the latest uncrackable security measures such as the upcoming dnet-backed Spyce. For existing players, the only way to move forward is to face the challenge head-on by improving their own infrastructures, such as Coinbase’s move to acquire Cipher Browser.
On Friday, April 13, 2018, Coinbase announced its acquisition of Cipher Browser , a move that is aimed to improve its own product. Cipher Browser is known as the first full-feature decentralized application (DApp) browser as well as an Ethereum wallet. However, no details of the deal have been released.
The San Francisco-based cryptocurrency exchange’s acquisition will enable the company to integrate some Cipher Browser features into its own DApp browser called Toshi. Introduced last year, Toshi will now sport the same features of the Cipher Browser such as secure messaging. In addition, Toshi may also be used to browse Ethereum app and even as an Ethereum wallet once the integration of the feature is completed.
For a smooth adaptation of Cipher’s technology, Coinbase will combine both Cipher and Toshi teams. It’s not actually as complicated as it sounds given that Pete Kim is the sole person who created Cipher who will now become Toshi’s engineering head. Kim will be working closely with Coinbase product lead for the Toshi DApp Sid Coelho-Prabhu.
Meanwhile, Coinbase also announced a new Chief Technology Officer in company post. The exchange’s new tech head is Balaji Srinivasan from Earn.com.
Actually, Srinivasan, who was the Earn.com’s co-founder and CEO, was not pirated by Coinbase from Earn.com. Just days after the exchange announced the Cipher deal, Coinbase again announced another deal said to be its biggest yet – its acquisition of Earn.com.
Coinbase’s acquisition of Earn.com was announced on Monday, April 16, 2018. The purchase is valued more than $130 million, the exchange’s fifth acquisition as well as its biggest.
The announcement is not a surprise to industry watchers. Rumors that the two companies are in talks for a possible acquisition were already circulating last month.
Before the company changed its name back in October 2017, Earn.com was previously known as 21 Inc. The company then was engaged in Bitcoin mining, powered at first by Intel before it launched its own 21 Bitcoin Computer two years later.
When Srinivasan took the company’s helm as CEO, it was rebranded as a social network that offered cryptocurrency rewards to users for completing tasks such as answering emails. Before its recent acquisition by Coinbase, Earn.com had hundreds of thousands of users and was operating profitably.
The company announced that it will be retaining its email product due to its potential. Of course, the platform is the perfect venue to further expand Coinbase’s reach.
“Earn has built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction. We will keep Earn’s business running because it’s showing a lot of promise and potential.”