Cryptocurrency exchange platform Coinbase is reportedly set to shut down the cryptocurrency learning platform, Earn.com. This news comes just a little over a year and a half after Coinbase acquired Earn.com. As part of the acquisition, Earn’s Co-Founder and CEO, Balaji Srinivasan, joined Coinbase and assume the role of Coinbase’s first Chief Technology Officer.
As previously reported, Earn.com allowed senders to pay users in digital currency for replying to emails and completing tasks. The company reported that thousands of senders have sent millions of dollars worth of paid messages through its platform for recruiting, fundraising, and marketing. It was also revealed:
“Empirically, we find that Earn.com senders get 30–70% response rates within 24 hours for $1–10 incentives, even for messages with many thousands of recipients. This is extraordinarily high relative to the typical 1.7% response rates for cold emails. As such, any business that sends cold email or conducts surveys can benefit from Earn.com.”
According to The Block, Coinbase announced in an email to its customers that the exchange plans to only focus on Coinbase Earn and will be “sunsetting Earn.com.” Coinbase Earn notably enables users to earn digital currency by completing education tasks, this includes teaching users how to open MakerDAO CDPs, how to use the Brave browser, and so on. Coinbase Earn has allowed nearly a million users in more than 115 countries to earn millions of dollars in crypto.
Coinbase revealed that Earn.com users have until February 20th to withdraw their balances on the Earn.com platform.