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Coinbase confirms acquisition of Earn.com

CEO Balaji Srinivasan speaks onstage during TechCrunch Disrupt SF 2017. Photo: Steve Jennings/Getty Images for TechCrunch

Coinbase is acquiring Earn.com, a paid inbox service formerly known as 21 inc., with CEO Balaji Srinivasan joining as chief technology officer, confirming Axios's earlier reporting.

Bottom line: Coinbase is gaining a well-known figure in Silicon Valley and digital currencies as its CTO, while Earn.com, which began as a bitcoin mining company in 2013, gains stability as part of a larger company.

Details: The company declined to comment on the deal, but a source tells Axios that total value (cash and stock) returned to Earn.com shareholders is north of the $120 million it raised in total VC money.

Chief evangelist: While Srinivasan's new title is CTO, his role will be more akin to an evangelist for the company and cryptocurrencies in general, though he'll fully be part of Coinbase's leadership team. The company's engineering teams will continue to report to chief product officer Jeremy Henrickson.

Axios 26 mins ago
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Axios situational awareness

Trump's next guest: Angela Merkel — 🇰🇵 Otto Warmbier's family is suing North Korea — ⚖️ Cosby found guilty in sexual assault trial — 🌎 Pompeo confirmed as Secretary of State

Sign up: Mike Allen's Axios PM.

Dave Lawler 38 mins ago
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Trump's next guest: Merkel follows Macron

Illustration: Sarah Grillo / Axios

German Chancellor Angela Merkel will arrive in Washington tomorrow a diminished figure — limping into her fourth term after six months of torturous coalition talks and touching down in the afterglow of Emmanuel Macron’s state visit.

Flashback: Days after Trump’s election in November 2016, Barack Obama flew to Germany and hailed Merkel — then TIME’s reigning Person of the Year — as “my closest international partner these last eight years.” Headlines declared that she had, however reluctantly, become the "leader of the free world."