Coinbase, a digital currency exchange headquartered in San Francisco, California, will be acquiring Blockspring, an Andreessen Horowitz-backed tech startup, also based in San Francisco, California. Blockspring announced the news in an official blog post published on its website on Monday, Jan. 14th 2019.
The tech startup develops toolsets that help developers to collect and analyze information from APIs (application programming interfaces). In 2015 funding round, Blockspring raised $3.4 million, led by Andreessen Horowitz, a private American venture capital firm, headquartered in Menlo Park, California, and SV Angel, a San Francisco-based seed-stage investment firm, while also having support from Y Combinator, an American seed accelerator firm.
According to Paul Katsen, Cofounder, CEO, Blockspring, who shared the news in his blog post, Blockspring, even though now acquired by Coinbase, will continue to operate as an independent entity, and its products will operate as usual for its current and new customers, thus not having any direct effect on them.
Adding further, he said that joining Coinbase was a no-brainer. Coinbase is well known for its commitment to make an open financial system a reality and has the support of a powerful team of engineers, led by Tim Wagner (formerly of AWS Lambda). Blockspring always has been dedicated to making the technical things simple and accessible, and now by joining Coinbase, it’ll further push itself to reach its goals with the support of the talented team of engineers at Coinbase.