Emilie Choi, former LinkedIn M&A leader was hired as the Vice President of Corporate and Business Development. Known for her aggressive strategies in LinkedIn, now the vigor is seeping to Coinbase too. Coinbase has recently acquired Cipher Browser, that is an Ethereum wallet that competed with its existing Toshi ethereum browser. The talks of an acquisition were going on for a few weeks but the company made it public knowledge on April 13th, 2018.
Coinbase has goals of becoming ‘Google’ for cryptocurrencies and the practice of acquiring small and nimble competitors is taken from Google’s own playbook. They have raised $100 million in a funding round and have a $1 billion revenue stream, giving them plenty of cash to make the acquisition.
— Coinbase (@coinbase) April 13, 2018
We’re committed to building the best Web 3 experience on mobile.
We can’t wait for what we can all build together! pic.twitter.com/2XuuPqD6fp
— Cipher Browser for Ethereum (@CipherBrowser) April 13, 2018
Cipher Browser is the world’s first full-featured mobile dapp browser and wallet for the Ethereum blockchain. Cipher allows you to interact with dapps powered by Ethereum on your mobile device and makes it easy for you to securely store, send and receive Ether and ERC20 tokens.
Coinbase operates a decentralized mobile browser of its own, which it introduced last year, called Toshi. Users could utilize Toshi as a wallet for Ethereum and also browse Ethereum apps and send secure messages just like they can on Cipher Browser.
Coinbase will be merging the teams of Toshi and Cipher Browser and Peter Kim, the founder of Cipher Browser will become the new head of engineering at Toshi.
One of the first features that will be rolled out as a direct effect of this merger will be Testmets, which will allow developers to test and experiment with their apps without having to use real cryptocurrencies.
Notably, earlier this year Coinbase had made another acquisition, Meomo.AI, a two-year-old startup that creates Slackbot for helping technical teams manage notes and instructions. These are signs that Coinbase is willing to dish out cash to buy up its competitors or fund startups within its own market.