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Crypto exchange Coinbase acquires data handling startup Blockspring

 

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Fiat-to-crypto exchange Coinbase, in a strategic move, has acquired data handling startup Blockspring. Blockspring specializes in helping users connect various business API's to data visualization apps like google sheets or Excel.

 

Coinbase has been one of the more prolific acquirers. The company has previously acquired 10 companies including Earn.com and Paradex for $100 million and $34 million respectively. Blockspring according to InWara, a leading provider of comprehensive data in the cryptocurrency space, data is Coinbase’ 11th acquisition.

 

Coinbase has been an aggressive acquirer where it has acquired companies that provided a strategic edge to their business. A good example was Earn.com, which allows users to earn bitcoins by completing simple tasks such as answering emails. Coinbase’ ultimate goal is to create an open financial system for the world and wants to help people to buy digital currencies using fiat ones. This will help Coinbase understand and integrate concepts such as atomic swaps, sharding, plasma, proof of stake into their own platform.

 

This acquisition comes almost a year after Circle, a company that adopts blockchain technology with a vision to make Bitcoin more accessible acquired one of the significant exchanges, Poloniex in February 2018 for $400 million.

 

By acquiring Poloniex, Circle is expecting to address solve the issues related to reliability and bolster the existing scalability, hence improving the robustness of the platform.

 

Mergers and Acquisitions on the rise

 

2018 saw some significant M&A activity with Bitstamp acquired by NXMH, Chain by Stellar and BitTorrent acquiring Tron. According to InWara, there was an almost 100% increase in M&A by numbers in 2018 in comparison to 2017.

Number of M&A deals in Blockchain and crypto space: Year-wise

Source: InWara's Annual Report 2018

 

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The consolidation trend is likely to follow in 2019 as more traditional companies & businesses move onto blockchain ecosystem to do business.

 

These large-scale deals are an early indicator that the market is poised for growth as well as consolidation.

 

 

 

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Disclaimer: This is not financial advice. For more details visit t&c

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