Coinbase has acquired Bitcoin start-up

Coinbase has bought, one of the cryptocurrency industry’s best-funded start-ups which rebranded from 21 Inc in October last year.

Part of the rebrand was the launch of a social network which would encourage users to perform tasks in exchange for crypto rewards. The company attracted around $116 million of investment over multiple rounds.

Coinbase said of the acquisition: “Earn has built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction. We will keep Earn’s business running because it’s showing a lot of promise and potential.”

The terms of the deal have not been made public, but CoinDesk puts the figure at around $120 million in cash, crypto-assets, stocks and earn-out.

Co-founder and CEO of Earn will now become Coinbase’s first chief technology officer as part of the buyout.