Coinbase Acquires Tech Startup Blockspring

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As per blog post published on 14th Jan., Major digital currency exchange Coinbase has acquired Andreessen Horowitz-backed tech startup Blockspring.

San-Francisco based Blockspring produces a tool that allows developers to automatically gather and process information from Application Programming Interfaces (APIs)

In 2015, the company gathered $3.4 million in a round led by seed-stage investment firm SV Angel and venture capital firm Andreessen Horowitz (a16z), while further having support from venture fund Y Combinator.

Still with a16z at the time, Blockspring found an early advocate in current Coinbase CTO Mr. Balaji Srinivasan.

As per the Blockspring’s 2015 founding announcement, Mr. Balaji Srinivasan stated, “Blockspring turns a company’s business users into an army of engineers capable to quickly and easily connect spreadsheets and other applications to web services without any coding experience.”

After the acquisition, Blockspring will continue operating as an independent entity. Meanwhile, any changes to its business will not be binding on the company’s current and new customers.

Recently, Blockspring had built integration for Coinbase into its service.

Check out the Twitter post here: https://twitter.com/timallenwagner/status/1085678056151277569

As per the company’s acquisition announcement, Blockspring will continue to operate as an independent firm and our products will continue to operate for current and new clients.

As per data from Crunchbase, no financial terms of the deal were revealed. Coinbase raised around $300 million in October 2018, and the Blockspring deal is Coinbase’s 11th acquisition.