Tech Startup Blockspring Acquired By Crypto Exchange Coinbasebr>
Blockspring, an Andreessen Horowitz-backed financial service startup, has been acquired by crypto exchange and wallet provider Coinbase. The terms of the deal have not been disclosed.
Blockspring, a San Francisco–based Y Combinator graduate, develops tools for collecting and managing data from application programming interfaces (API). In 2015, the company raised $3.4 million in a funding round led by the team at Andreessen Horowitz, and SV Angel.
Following the acquisition, Blockspring said that it will continue to operate as an independent company and its products will continue to operate for current and new customers as they always have.
“Joining Coinbase was a no-brainer for a number 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),” Blockspring CEO Paul Katsen said in a blog post. “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.”
Coinbase, which offers crypto buy/sell trading functionality in 32 countries, confirmed the acquisition, but declined to comment further.
In 2018, Coinbase acquired eight companies, including digital identity startup Distributed Systems, financial-services firm Keystone Capital, investment management firm Digital Wealth, FinTech firm Venovate, crypto trading relay platform Paradex, token-based social network Earn.com, decentralized app browser Cipher Browser, and note-taking app Memo.AI.