Coinbase has big plans to be the Google of cryptocurrency. So it’s no surprise that the $1.6 billion bitcoin exchange has taken a page from Google’s own playbook: acquiring a small, but nimble competitor.
On Friday, Coinbase announced its acquisition of Cipher Browser, a cryptocurrency wallet company that lets users store ethereum-based tokens. It’s similar to Coinbase’s existing ethereum browser, Toshi.
Cipher’s one man team, Pete Kim, will take on the title of head of engineering for Coinbase’s Toshi and work alongside Sid Coelho-Prabhu, the current Toshi product lead. The company didn’t disclose the terms of the deal.
It’s the first acquisition Coinbase has made since poaching LinkedIn’s mergers and acquisitions boss Emilie Choi. Coinbase’s latest $100 million funding round and $1 billion revenue stream gives the company plenty of cash to put toward acquisitions.
But the exchange has been fairly light-handed since its founding in 2011. In January, Coinbase acqui-hired the small engineering team behind Memo.AI, a two-year-old startup that built a Slackbot to help manage technical teams. And in 2014, it made two other acqui-hires: Kippt and Blockr.io. Read more from businessinsider.com…
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