Coinbase, one of the largest cryptocurrency trading platforms valued at $8 billion, has added a new feather to its cap by acquiring Blockspring, a startup based in San Fransisco that allows developers to collect and process data from APIs.
The value of the deal has not been disclosed and was announced earlier this week via Blockspring’s blog. Coinbase has since confirmed the deal, although the company has refused to comment further.
Under the agreement, Blockspring will remain as its own independent company, the blog post stated. Furthermore, the company and its products will continue to operate as normal for its current and new customers.
Blockspring began as a serverless data business, however, after Amazon launched AWS Lambda, which effectively kicked off the serverless revolution, “during an extra long night of exporting reports into Google Sheets” the company pivoted into a service that allows companies to use API data.
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“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),” the statement said.
“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 ends 2018 on a high
Coinbase had a busy 2018, with the company making many changes to its business focus and cryptocurrency exchange. One notable achievement was the company managing to raise a total of $300 million in seed funding from investors in the fourth quarter, as Finance Magnates reported.
This bumped the valuation of the cryptocurrency exchange up to $8 billion – five times higher than it was early in 2017 and making Coinbase one of the most valuable startups in the world.