Coinbase gets the Memo.AI engineering talent
Digital currency wallet Coinbase is furthering its growth goal by acquiring the engineering team at Memo.AI, reports Julie Muhn at Finovate (FinTech Futures’ sister company).
Founded in 2016, Memo.AI is a start-up 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 16 March this year.
Coinbase has seen some progress. In November and December of last year, it 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 became a fintech unicorn in August after it closed a $100 million round of Series D funding. At that point, Pitchbook estimated Coinbase’s value to be $1.6 billion.
