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Coinbase Obtains Tech Startup Blockspring

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Coinbase has obtained Andreessen Horowitz-backed tech startup Blockspring.

The development was made public in a blog post.

Blockspring, a firm based in San Francisco, makes tools that allow developers to gather and process data from application programming interfaces (APIs).

The company raised $3.4 million in 2015 during a round led by venture capital firm Andreessen Horowitz and seed-stage investment firm SV Angel, while also gaining support from venture fund Y Combinator.

After the acquisition, Blockspring would continue functioning as an independent entity, while any modifications to its business will not be binding on the company’s existing and new customers.

Last month, it was reported that a new application filed by Coinbase with the United States Patent and Trademark Office (USPTO) bared that the exchange is looking to trademark the crypto-industry term “BUIDL.”

The application exposed that Coinbase’s “BUIDL” software as a service (SaaS) solution would comprise of “software for managing, buying, selling, storing, transacting, exchanging, sending and receiving virtual currency.” It was later reported that Coinbase has decided to drop its application.

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