Coinbase Acquires Machine Learning Startup Agara for Over $ 40 Million

Coinbase, the largest cryptocurrency exchange in the United States, has announced the acquisition of Agara, a Bengaluru-based startup that operates an artificial intelligence (AI) -based customer service platform.

two companies did not disclose the terms of the deal, however, it is expected to be between $ 40 million and $ 50 million. Techcrunch reported Tuesday citing sources familiar with the matter.

” acquisition reinforces our commitment to providing world-class customer support and brings Agara’s deep expertise in machine learning (ML) and natural language processing (NLP) to Coinbase’s engineering team,” Coinbase said in a statement.

San Francisco-based company added that the Agara acquisition reconfirms its strategy to continue building a technology hub in India.

“Through this acquisition, we will be able to provide our customers with new real-time, smart and personalized support options,” the announcement reads.

Agara employs over 40 people and offers integrations with popular services like Salesforce, Shopify, and Twilio. Following the acquisition, Agara will shift its focus to Coinbase, startup CEO and co-founder Abhimanyu told TechCrunch.

Looking for new talents

Revealed Coinbase was establishing a business presence in India in March this year, intending to provide a selection of IT services, including engineering, software development, and customer support operations.

In July, the company said that to attract top talent, all of its new recruits in India would be offered a one-time payment of $ 1,000, paid in cryptocurrency.

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Coinbase reiterated that improving the customer experience “remains a top priority,” noting that in recent months the exchange has increased its support staff fivefold.

By the end of the year, Coinbase plans to implement 24/7 phone support and real-time messaging.

Coinbase on Acquisition Madness

For Coinbase, which debuted on the Nasdaq earlier this year, this is not the first acquisition in recent months.

In addition to Agara, this year’s acquisitions for Coinbase have included cryptocurrency startup Zabo, blockchain node provider service Bison Trails, and crypto data aggregator Skew.

According to data intelligence platform Tracxn, the company completed a total of 18 acquisitions prior to the Agara deal, investing in sectors such as cryptocurrencies, human resource technology (HRTech), blockchain infrastructure, and more.

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