Coinbase CEO Brian Armstrong
Coinbase CEO Brian

Anthony Harvey /

  • Coinbase’s M&A spree continues with the acquisition
    of, which the company announced Monday. 
  • This is the company’s second acquisition announcement
    in a week. 

Coinbase’s acquisition spree continues. 

The $1.6 billion cryptocurrency exchange announced Monday that it
has acquired, a crypto company founded by Balaji
Srinivasan, a former general partner at Andreessen Horowitz.
Srinivasan is joining Coinbase as its first chief technology
officer, a blog post by the company said.

The news comes just a few days after Coinbase announced it
acquired Cipher
, a cryptocurrency wallet company that lets
users store ethereum-based tokens.

It was reported by CoinDesk’s Pete Rizzo in March that
in talks with Coinbase
. The company, which rebranded at the
end of 2017 from, provides a platform that allows users to
earn cryptocurrency by answering emails.

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“We’re going to be doubling down on the Earn business within
Coinbase, as they have built a paid email product that is
arguably one of the earliest practical blockchain applications to
achieve meaningful traction,” the company said. 

My colleague Becky Peterson has reported on Coinbase’s
M&A ambitions
Coinbase hired its first
M&A boss in March to lead a new push for acquisitions and
partnerships to expand its opportunities in the booming

Still, some market observers think Coinbase is biting off more
than it can chew. CoinRoutes founder Dave Wiesberger told
Business Insider the company should focus its resources on
understanding markets, regulations, and developing their trading
technology, which is not at the same level as more established
exchanges such as the NYSE or Nasdaq.

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“They have failed to consider the implications of these
topics along with understanding institutional needs, including
how and why dark pools evolved, and the nature of of
fragmentation in displayed markets,” Weisberger

To be sure, Coinbase’s institutional grade exchange, GDAX,
is working on more mature offerings such as advanced order types
and products tied to market data. 

Also, it is looking to hire a head of market structure to
“develop marketplace improvements such as new order types,
liquidity incentive programs, and market safeguards,” a recently
posted job ad said. 

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