The largest cryptocurrency trading platform Coinbase hires engineering team from Memo.AI to help its technical team cope up with the crypto frenzy.
Memo.AI is a two-year-old startup that has till now built a Slackbot which helps technical teams administer notes and instructions.
The startup announced on Wednesday it was shutting down its services from March 16. Co-founder of Memo.AI, Mircea Pașoi explained in a blog post that the company didn’t succeed establishing a sustainable business.
“We think this is an important problem but we didn’t succeed in finding product/market fit and building a sustainable business,” wrote Pașoi.
The company informed that no further signups will be accepted from now on and users are requested to export their data before the deadline. Meanwhile, active paying teams will be completely refunded.
Pașoi, further wrote that he was happy his engineering team was joining Coinbase.
“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,” wrote Pașoi.
— Coinbase (@coinbase) 17 January 2018
The cryptocurrency exchange had been scaling its infrastructure and engineering efforts in order to keep up with the sudden rush of cryptocurrency investors and Memo.AI might offer a much-needed help. Memo.AI’s well-experienced team will efficiently provide support to Coinbase’s technical teams, bringing additional engineers to CB team.
SV Angel, Instagram Product Head Kevin Weil, Bloomberg Beta and Version One Ventures had also invested in Memo.AI. The co-founders of the startup had previously developed a social network summation tool, Summify, which was later acquired by Twitter in 2012.