Coinbase is shutting down the startup Earn.com which it acquired for an estimated $100 million last year.
The exchange made the decision to close Earn.com in a bid to expand the Coinbase Earn program.
The official email from Coinbase said: “Coinbase will be sunsetting Earn.com to focus exclusively on Coinbase Earn.”
The Earn.com platform, as well as the Coinbase Earn platform, compensate users with crypto assets. Users get rewards for learning about them and completing educational tasks. In April 2018, Coinbase acquired the Earn.com platform.
Sequel to the announcement, it’s expected that all users on the platform withdraw their funds before February 2020.
Besides, Coinbase also revealed plans to scale Coinbase Earn much more by adding more campaigns to the platform. Therefore, connecting more blockchain networks with engaged crypto users.
What was Earn.com about?
Earn.com in 2013 (almost 7 years ago). The platform originally developed chips and hardware for cryptocurrency mining. In 2017, the startup rebranded from 21.co with the launch of its eponymous paid messaging platform. The messaging platform allows senders to pay users in cryptocurrency to reply to emails and complete tasks. Before now, Coinbase decided to expand its Coinbase Earn program and said Earn.com may play a role in that. Also, the exchange promised to completely integrate Earn.com into Coinbase’s operations while the startup’s existing business continues. However, at the moment Coinbase is going to close Earn.com to focus exclusively on Coinbase Earn.
Notably, Coinbase Earn is also very much like the Earn.com platform. Although, there’s a difference cause Coinbase to Earn integrates within the exchange’s ecosystem. While for Earn.com, users need to be redirected to a separate domain.
Coinbase also reportedly allowed about a million unique users in over 115 countries to earn their share of hundreds of millions of dollars in cryptocurrency.