A startup named Blockspring (which makes tools to collect and manage data from APIs) has been acquired by Coinbase. The tools made by Blockspring helps in easily pulling data into Google Sheets as well as Excel from various APIs. Except for the announcement of the acquisition, nothing more has been revealed by the Coinbase spokesperson.
Blockspring Startup – Who are they?
Blockspring, a San Francisco-based startup, was backed by:
- Y Combinator
- Andreessen Horowitz (a16z) and SV Angel – In terms of US$3.4 million funding back in 2015
Reports say at the time of acquisition, Blockspring was with Andreessen Horowitz (a16z).
Coinbase Acquires Blockspring – More Information
The acquisition announcement was done by Blockspring on its blog, saying:
“Joining Coinbase was a no-brainer for a number [of] reasons including its commitment to establishing an open financial system and the strength of its engineering team.”
Blockspring was on Coinbase’s radar for quite some time now as Coinbase CTO Balaji Srinivasan had been its advocate since 2015. According to the 2015 funding announcement, Srinivasan said:
“Blockspring turns a company’s business users into an army of engineers able to quickly and easily connect spreadsheets and other applications to web services without any coding experience.”
Blockspring has reportedly built integration for Coinbase into its service more recently. Tim Wagner (VP Engineering of Coinbase) said in a tweet:
“Excited to share that the @Blockspring team is joining Coinbase to help build out our developer tools. They’ve built an impressive platform that connects hundreds of different APIs and we’re excited for them to continue their work here at Coinbase!”
In the acquisition announcement of the company, Coinbase said that Blockspring will continue operating as an independent company. It also said that the startup’s products will be operating for existing as well as new customers.
When inquired about the financial terms of the deal, no information was disclosed. Crunchbase’s data shows that Blockspring is the eleventh acquisition of Coinbase.
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