Cryptocurrency exchange and wallet provider, Coinbase has acquired Blockspring, a startup that collects and manages data from application program interface (APIs). The startup revealed about the acquisition in a blog post published on January 14.
Blockspring was meant to work as a serverless data business, which later went onto receive recognition for its API data service. The service comprises of functions such as building lists and repositories that can be utilized for marketing and sales purposes. Blockspring is steadily growing its user base, the reason being, the simplest of services offered by the platform start from $29.
Commenting on the acquisition, Blockspring CEO Paul Katsen wrote:
“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.”
In 2015, Blockspring managed to raise $3.5 million in two funding rounds from Andreessen Horowitz (a16z) and SV Angel. After the recent acquisition, Blockspring will remain to function as an independent entity, offering services to both existing and new customers.
Excited to share that the @Blockspring team is joining Coinbase to help build out our developer tools. They’ve built an impressive platform that connects hundreds of different APIs and we’re excited for them to continue their work here at Coinbase!
— Tim Wagner (@timallenwagner) January 16, 2019
Coinbase in the past has made several acquisitions and the most prominent of them being Keystone Capital, a dealer in securities that provided the exchange platform license to start dealing in security tokens. Coinbase did not reveal the amount it spent on the acquisition.
In October 2018, Coinbase filed an application with the U.S. Patent and Trademark Office (USPTO) requesting a trademark for the term, “BUIDL.” The term “BUIDL” software as a service (SaaS) solutions would include “software for managing, buying, selling, storing, transacting, exchanging, sending and receiving virtual currency.” Coinbase later dropped the application in December 2018.
Also in the same month of filing the application, Coinbase successfully managed to raise about $300 million, the majority of funds utilized for acquisitions. Coinbase’s latest acquisition of Blockspring is said to be the company’s eleventh. The exchange platform is picking up all the talent it can, for it to create a team that will assist in improving the business.
Appreciating the support it received, Blockspring’s Product Manager, Paul Katsen concluded the post by saying, “We wouldn’t be where we are without the customers, investors, and our family and friends who believed in us.”
Coinbase also announced that it had acquired a license “under New York State Banking Law to operate as an independent qualified custodian.” This enables the exchange platform to offer regulated services for managing clients’ digital assets.