Major cryptocurrency wallet and exchange supplier Coinbase has acquired Andreessen Horowitz-backed tech startup Blockspring. The purchase was revealed in a blog article published Jan. 14.
San Francisco-based Blockspring creates tools that enable developers to automatically gather and process information from application programming interfaces (APIs).
In 2015, the business raised $3.4 million in a round led by venture capital company Andreessen Horowitz and seed-stage investment company SV Angel, although also having support from enterprise fund Y Combinator.
After the acquisition, Blockspring will reportedly continue working as an independent entity, while any adjustments to its company will not be binding to the corporation's current and new customers.
Last month, Cointelegraph reported a new program filed by Coinbase together with the United States Patent and Trademark Office (USPTO) disclosed the exchange is seeking to trademark the crypto-industry expression"BUIDL."
The application revealed that Coinbase's"BUIDL" software as a service (SaaS) options would comprise"software for managing, buying, selling, preserving, transacting, tracking, sending and getting virtual money." Later in Decemberit had been reported that Coinbase chose to drop its own application.
In August, Coinbase acquired San Francisco-based startup Distributed Systems Inc., which functions on decentralized identity options. Using the new purchase, Coinbase will purportedly work toward a decentralized identity system which will"let you demonstrate that you own an identity, or that you have a connection with the Social Security Administration, without creating a copy of the individuality."
According to CoinMarketCap data, Coinbase is ranked 39th largest market in the world, using nearly $68 million in daily transaction volume as of press time.