NEW YORK – Coinbase has appointed Indian American Balaji Srinivasan as the company’s first CTO and has also bought his company Earn.com, according to a Fortune report.
“With Coinbase’s user base and distribution muscle, I think it could hit USD 100 million in accounting rate of return (ARR) in a few months. I’m proud of the fact that we turned what could have been a disaster into a successful product and I’m excited about the road ahead,” Srinivasan told TechCrunch.
Coinbase and Earn.com, formerly known as 21.co until late last year when it re-branded, has not disclosed any financial details yet though the deal has been estimated to be made in the $100 million range.
Both companies are backed by Andreessen Horowitz, a venture capital firm in Silicon Valley where he sits on the board.
Srinivasan along with his brother and business partner Ramji have been backing Coinbase since 2013.
According to a TechCrunch report, Srinivasan holds a Bachelor’s, Master’s and a PhD in Electrical Engineering as well as a Master’s in Chemical Engineering from Sanford University.
Srinivasan is known for being an early evangelist of cryptocurrencies and blockchain technology.
The rest of the team from Earn.com will also transition over to Coinbase with Srinivasan.