Back to Blog

Coinbase Brings on Engineering Talent from Memo.AI

Last month we reported that digital currency wallet Coinbase had the pedal to the metal to keep up with burgeoning bitcoin demand. This week, it appears the company is furthering its growth goal by acquiring the engineering team at Memo.AI.

Founded in 2016, Memo.AI is a startup that built a bot that turns Slack chats into a searchable knowledge base. The company has stopped accepting new users and will shut down its services on March 16 of this year.

In a blog post announcing the change, Memo.AI founder Mircea Pașoi said, “We’re happy to announce that most of the Memo engineering team will be joining Coinbase, one of the world’s most popular ways to buy and sell cryptocurrencies! We decided to join Coinbase because we’re super excited about the company’s mission of building an open financial system.”

If you’ve been following Coinbase’s success, you can guess that this “aqui-hire” buy is a good move right now. In a blog post earlier this month titled, “Customer support: failure is not an option,” newly-minted Coinbase VP and GM Dan Romero illustrated the company’s recent explosive growth.

In November and December of last year, Coinbase saw transaction volumes grow by almost 3x. Additionally, the company has expanded the capacity of number of peak transactions it can process per hour by 77x and number of customer support agents by almost 9x.

Founded in 2012, Coinbase demoed Instant Exchange at FinovateSpring 2014. Last August, the company became a fintech unicorn after it closed a $100 million round of Series D funding. At that point, Pitchbook estimated Coinbase’s value to be $1.6 billion.