Launched in August 2023, Base runs on the Ethereum blockchain.
The amount Coinbase paid to acquire Spindl remains undisclosed
Photo Credit: Unsplash/ PiggyBank
Coinbase is sharpening its focus on expanding the reach of Web3 projects built on its Layer-2 network, Base. In a recent move, the crypto exchange announced the acquisition of Spindl, an onchain advertising platform, for an undisclosed amount. With this acquisition, Coinbase aims to help Web3 developers amplify their projects within Web3 communities, emphasizing that promising developers and projects deserve the opportunity to go viral in the onchain ecosystem.
Base was launched in August 2023 and as per its official website, ‘thousands of developers' have been using this Layer-2 blockchain in more than 190 countries.
Jesse Pollak, the creator of the Ethereum-based Base blockchain, confirmed the acquisition on X, noting that Web3 builders have consistently sought support in expanding their reach. He stated that Coinbase is taking a step forward to provide them with marketing opportunities.
“There's a natural flywheel here: We support developers who build onchain apps, those apps attract users onchain, and having more users incentivises more developers to build onchain. And the faster we spin this flywheel, the easier it will be to bring more and more people onchain. Builder virality is the thing that spins that flywheel faster,” Pollak noted.
What Spindl Brings to the Table
Founded in 2022, Spindl is the brainchild of Antonio Garcia-Martinez. In his post, Pollak highlighted that Garcia-Martinez was an early member of the Facebook ads team, “who shipped Facebook's first version of keyword targeting, audience targeting, and Facebook's programmatic ad exchange FBX.”
At the time of its launch, Spindl was reportedly marketed as the ‘first truly onchain advertising network'. The platform aimed to bridge the gap between advertisers and Web3 service providers, enabling developers to track user acquisition sources and understand how customers engage with their Web3 projects.
Explaining its work, the Splindl website says it lets developers “understand user behavior from a click anywhere on the web to any on-chain action, whether your funnel starts with a Tweet or Discord post and ends in a NFT purchase or token staking.”
Now that it has been acquired by Coinbase, Splindl says it will leverage its ‘Flywheel' protocol to let developers advertise their Web3 projects and get paid for provably driving value within the onchain ecosystem of base.
“Spindl will operate as a product team inside Base, but continue to support builders and campaigns across many different chains and publishers,” an official post from the platform said. “From user click to wallet connect to onchain action, and back into audience segmentation and targeted ad again, Spindl operates the full marketing flywheel from start to finish.”
Along with Pollak, Coinbase's head of businesses development Shan Aggarwal also welcomed Spindl to be part of the exchange's ecosystem.
What Pollak Envisions for Base
At the India Blockchain Week in December 2024, Gadgets 360 spoke with Jesse Pollak to discuss his vision for the future of the Base blockchain.
He highlighted two key priorities: simplifying the crypto wallet ecosystem with Base-powered solutions and expanding the presence of stablecoins by bringing more currencies onchain.
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