San Francisco-based startup, Blockspring, a firm that develops software for collecting and managing data from APIs, has been acquired by US-based digital asset exchange, Coinbase.

However, the undisclosed deal was first announced in an official blog post published by Blockspring on January 14th and confirmed to TechCrunch by a Coinbase representative. It is now easier for Blockspring to gather and manage all the data from APIs into Excel and Google Sheets. Further, Blockspring is backed by Y Combinator, and a $3.4 million funding round from Andreessen Horowitz (a16z) and SV Angel in 2015.

“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 reported on its blog.

Blockspring started out as a serverless data management business for corporate clients but has now started to provide services to firms that work with API data, which includes API data management for sales and marketing, generating reports, and building repositories for recruitment. Their pricing starts from $29 USD per month.

“Blockspring turns a company’s business users into an army of engineers. Subsequently, this makes them to quickly and easily connect spreadsheets and other applications to web services without any coding experience,”

-Coinbase CTO Balaji Srinivasan commented as per the Blockspring’s 2015 funding announcement.

As of now, Coinbase has acquired 11 different companies, which include Blockspring. In order to help fund its existing operations, which helps them to expand their services, the San Francisco-based exchange has managed to raise $525 million in capital.

“Joining Coinbase was a no-brainer for a number of reasons. However, this includes its commitment to establishing an open financial system. Also, the strength of its engineering team, led by Tim Wagner (formerly of AWS Lambda) is included. Making the technical simple and accessible is what we’ve always been about at Blockspring. Now, we’ll get to push these goals forward along with the talented folks at Coinbase to make something greater.”

Paul Kalsen, the co-founder and CEO at Blockspring commented on the acquisition deal.

In April 2018, Coinbase did one of the biggest acquisitions in the industry, including a $120 million deal for Earn.com. Furthermore, Earn.com is a platform that enables clients to gain cryptocurrency for responding to emails and completing routine tasks. Currently, Balaji Srinivasan, co-founder of Earn.com, has been named the chief technical officer (CTO) at Coinbase.

“Blockspring will continue to operate as an independent company. Our products will continue to operate for current and new customers.”

-According to the company’s acquisition announcement.

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