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Tech Startup Blockspring Team Joins Coinbase


Blockspring, an application program interface or API data management company, announced that its team is joining major cryptocurrency exchange and wallet provider Coinbase.

In a blog post, the San Francisco-based startup said it will continue to operate as an independent company and that its products will continue to operate for current and new customers.

Meanwhile, Tim Wagner, Coinbase's Vice President of Engineering, tweeted, "Excited to share that the @Blockspring team is joining Coinbase to help build out our developer tools. They've built an impressive platform that connects hundreds of different APIs and we're excited for them to continue their work here at Coinbase!"

API is a set of subroutine definitions, communication protocols, and tools for building software. Blockspring, which started as a serverless data business, now produces tools that enable developers to automatically collect and manage data from APIs. The company reportedly raised $3.4 million in a 2015 round led by venture capital firm Andreessen Horowitz and seed-stage investment firm SV Angel. It is also backed by venture fund Y Combinator.

Blockspring CEO Paul Katsen in the blog said joining Coinbase was a no-brainer for a number reasons including its commitment to establishing an open financial system and the strength of its engineering team, led by Wagner, formerly of AWS Lambda.

Coinbase in August last year had bought another San Francisco-based startup Distributed Systems Inc., which works on decentralized identity solutions.

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