Coinbase Acquires Spindl to Expand the Reach of Web3 Projects Built on Its Layer-2 Network, Base

Coinbase is sharpening its focus on expanding the reach of Web3 projects built on its Layer-2 network, Base.

Crypto exchange Coinbase is expanding its footprint in the Web3 domain. Recently, the exchange announced the acquisition of Spindl, an onchain advertising platform. The move is part of Coinbase's strategy to help promising Web3 developers amplify their projects within Web3 communities.

Coinbase is aiming to provide opportunities for promising developers and projects to go viral in the onchain ecosystem. The exchange is placing a strong emphasis on enabling Web3 builders to expand the reach of their projects among the Web3 community.

Base, a Layer-2 network from Coinbase, was launched in August 2023. According to the official Base 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.

my thoughts on @spindl_xyz — and our 3 other acquisitions pic.twitter.com/M7D92wLmaU

Spindl, which was founded in 2022 by Antonio Garcia-Martinez, is known for his early contributions to the Facebook ads team. He played a crucial role in shipping Facebook's first versions of keyword targeting, audience targeting, and the 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, Splind 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.