Blockspring, a San-Francisco based startup on January 14 announced that they would be joining Coinbase, a digital currency exchange. According to the former, one of the reasons they decided to join the exchange, is because of the strength of its engineers. On the other hand, this purchase makes it Coinbase’s 11th purchase since 2014 according to Crunchbase’s data.
Startup Enables Developers to Build APIs Without a Server
Based on Blockspring’s report, they had begun as a team in 2014 to develop a tool that will enable people to build APIs without using servers. However, they later launched a tool that can obtain and process data from APIs into Excel and Google Sheets. This tool currently serves the purpose of reporting, marketing/sales, and building lists and repositories for recruitment.
The startup also outlined that they have grown to incorporate thousands of marketers as well as recruiters. When it came to its collaboration with Coinbase, they added that it marks a new chapter for the company. Specifically, they will be joining the latter but will still operate as an independent company whose products can be accessed by existing and new customers.
Blockspring Notes the Strength of Coinbase’s Engineering Team
The San-Franciso based startup also revealed that they chose to be a part of the virtual currency exchange because of the strength of its engineering team. They also attributed their acquisition to the company’s commitment to creating an open financial system.
Blockspring also added that;
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’s Vice President of Engineering Confirms the Purchase
Tim Wagner, Coinbase’s Vice President of engineering also publicized news about the acquisition of the company on January 16. Here, he stated that Blockspring will now be developing its tool at Coinbase. He also said this is a startup that has successfully built a tool to connect of APIs.
On October 30, Coinbase during its Series E equity round announced that they would make an additional $300 million investment which is aimed at accelerating the adoption of cryptocurrencies and other digital assets. They had also outlined that they plan to bring in more institutions into the crypto industry. So far, 11 startups like Keystone Capital Corp., Digital Wealth, Venovate, among several others have been acquired.