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Cryptocurrency exchange Coinbase (NASDAQ:COIN) announced the acquisition of Spindl, an onchain advertising and attribution platform. This move is part of Coinbase’s strategy to enhance the visibility of projects developed on its Ethereum layer-2 network, Base.
Coinbase’s acquisition of Spindl is aimed at addressing the onchain discovery issues faced by developers. In a statement released on January 31, Coinbase highlighted Spindl’s role in rebuilding the advertising technology stack onchain to improve project discoverability.
Jesse Pollak, the creator of Base, drew parallels between Spindl’s mission and the success of Facebook (NASDAQ:META)’s advertising platform. In a video on January 31, Pollak noted that Spindl’s founder, Antonio García Martínez, was a key figure in the development of Facebook’s ads platform, which significantly contributed to the growth of the social media giant by enabling small businesses and others to gain widespread online visibility.
Spindl is designed to help developers achieve viral growth through smart contracts built entirely onchain. Pollak emphasized that Spindl is already aiding developers in gaining viral traction.
Shan Aggarwal, Coinbase’s head of business development, echoed Pollak’s comments in a post on January 31, stating that the acquisition is intended to assist developers in going viral and identifying their core users. Aggarwal praised Spindl for creating a robust onchain advertising protocol that facilitates the connection between builders and their target audience.
Eric Seufert, an investor at Heracles Capital and an early supporter of Spindl, shared his enthusiasm for the platform’s vision of advancing onchain attribution and measurement. Seufert, who decided to invest in Spindl after learning about its goals from García Martínez, expressed optimism about the partnership’s potential to innovate advertising methods in collaboration with Coinbase.
In related news, Coinbase is exploring the possibility of offering tokenized shares of its stock to U.S. users of Base. Jesse Pollak mentioned on January 3 that while tokenized COIN shares are currently accessible to non-U.S. users through platforms like Backed, the introduction of COIN on Base is under consideration for the coming year.
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