Coinbase Acquires Tech Startup 'Blockspring' Backed By Andreessen Horowitz.

Coinbase Acquires Tech Startup 'Blockspring' Backed By Andreessen Horowitz.

2019-01-19 | Eddy Morgan

Coinbase Acquires Tech Startup 'Blockspring' Backed By Andreessen Horowitz.

In line with a recent official 'web-blog post', major crypto exchange and wallet service provider ‘Coinbase’ has recently acquired tech startup backed by Andreessen Horowitz. 

San Francisco-based Blockspring develops tools that let developers to automatically gather and process data from API’s [Application Programming Interfaces].

Earlier in 2015, the corporate was able to successfully raise around $3.4 Mln in a funding round led by capital firm Andreessen Horowitz and seed-stage investment firm SV Angel, whereas conjointly having support from venture fund Y Combinator.

Following the acquisition, Blockspring can reportedly continue its operations as an associate freelancing entity, whereas any changes to its business won't be binding on the company’s current and new customers.

Just last month, a new 'application' filed by Coinbase with the USPTO [United States Patent and Trademark Office] revealed that the exchange is seeking to trademark the crypto-industry term “BUIDL.”

The application revealed that Coinbase’s “BUIDL” software system as a service [SaaS] solutions would come with “software for managing, buying, selling, storing, transacting, exchanging, transferring and receiving digital assets.” Later in Dec., it had been reported that Coinbase has decided to drop its application.

Earlier in August, Coinbase acquired San Francisco-based startup Distributed Systems Inc., that works on decentralized identity solutions. With the new acquisition, Coinbase can supposedly work towards creating a decentralized identity system that may “let you prove that you own an identity, or that you just have a relationship with the social security administration, while not creating a replica of that identity.”

In line with 'CoinMarketCap Statistics', Coinbase is presently ranked at the 39th largest exchange operational within the world, with nearly $68 Mln in daily transaction volume as at the reporting time.

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