Outside Source
Key Takeaways:
- Coinbase has acquired Spindl to solve the “onchain discovery” issue of developers on its Base network.
- Spindl, a specialist in onchain advertising, brings the concept of builders getting what they need to grow on the blockchain to life.
- This action reinforces Coinbase’s commitment to a fair, open, and inclusive ecosystem for onchain applications.
The well-known cryptocurrency exchange Coinbase has taken a major step by acquiring Spindl, an onchain advertising and infrastructure platform, to enhance app visibility on its Ethereum layer-2 network, Base. This acquisition directly addresses the challenge many developers face—ensuring their applications gain visibility in an increasingly crowded market. In a statement released on January 31st in 2025, Coinbase stated that Spindl’s technology will solve the “onchain discovery problem”.
Why Onchain Discovery Matters
Innovations in the decentralized application (dApp) world are abundant. However, it is quite challenging to reach out to the users who may be interested in them. This difficulty is not exclusive to the crypto community, however, and is mostly similar to early times on the internet, when websites struggled to become known. This move by Coinbase will not only benefit the crypto community, but also resolve a major pain point in another area. Without effective discovery methods, even the most innovative dApps may struggle to be monetized. It’s like having a fantastic product in a store with no signage—only a few customers will stumble upon it.
Spindl: Rebuilding the Ad Tech Stack Onchain
Spindl, founded in 2022 by Antonio García Martínez, has deep expertise in the digital advertising industry. Martínez isn’t a beginner in the digital ads industry. He was a pioneer of the Facebook ads group, responsible for creating the platform’s first keyword and audience targeting tools, and the self-serve ad exchange (FBX), a programmatic ad exchange. His expertise was instrumental in Facebook’s growth, helping the platform expand its audience using a similar approach. The goal of Spindl has been to re-write the ad tech stack, this time using smart contracts and thus implementation by the blockchain, which in itself is not an easy task.
Coinbase & Spindl
Replicating Facebook’s Success, But Onchain
Jesse Pollak, the founder of Base, selected the experience and the skills that Martínez brought to the table. Pollak stated in a video on X (formerly Twitter) that Martínez aims to replicate his success at Facebook by driving adoption for onchain applications. It is a vision that shares the same concept of “going viral” as Facebook did, but the technology used this time is blockchain, it is secure and transparent. Also, this was articulated by Shan Aggarwal, who heads business development at Coinbase and pointed out that to “go viral and find your power users” the acquisition is about helping the builders.
Spindl’s Vision for Onchain Advertising
The root problem that Spindl wants to fix is to bring builders together with the right people using the cutting-edge, onchain tech. According to Eric Seufert of Heracles Capital, it was Martínez’s introduction of the “onchain attribution and measurement” concept that made him sure of the project. Onchain platforms are typically clueless about this aspect; proper tracking, proper analytics, and the appropriate way to understand a campaign are the core components. These simple steps allow them to get great outreach and hit larger targeted audience numbers.
A Flywheel for Onchain Growth
Coinbase is convinced that a “flywheel” naturally makes its presence. By empowering developers who are creating on-chain applications, they pull users to blockchain. As a by-product of the numerous users they get, the developers are then motivated to build even more. The faster the cycle turns the more people will realize the benefits and utilities of on-chain technologies and will be attracted by them. Spindl’s technology becomes crucial as it speeds up the motion, thus helping the developers to find more users and get to a bigger user base much faster.
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Open Standards and Ecosystem Growth
Coinbase continues to maintain open standards for both advertisers and publishers. Such a framework is essential for building a fair and growth-oriented global ecosystem that serves all parties equally (from developers to users). A fair competition is maintained because centralized players do not dominate the ad space, so even small developers have the chance to get noticed.
Spindl Operating Under Base
Following the acquisition, Spindl would operate under the Base network and would proceed with integrating the new technology and the addition of a team while keeping the existing clients on. The action of Spindl reinforces the main goal of Base that is to become a place of innovative ideas within the Ethereum ecosystem. It also makes the integration smoother and allows Spindl to take advantage of the Base network’s existing features.
The Bigger Picture
Moreover, the procurement is way more advanced than the means of advertisement; it is about quickening the overall spread of on-chain applications. For me, it shows the intention of Coinbase to play a vital role in the on-chain economy instead of just being an exchange. Also, Coinbase is aware of the fact that to gain real adoption, the builders have to be able to communicate with their audience effectively. Coinbase is investing in infrastructure such as Spindl to make the developers’ environment more inclusive and dynamic and, as a final result, to cover a larger audience in the decentralized applications area.
Paul Grewal, the Chief Legal Officer of Coinbase, in a light-hearted tone, greeted the Spindl team by asking a not serious, but a fun question to Antonio García Martínez, i.e., to promise to give him a leading role in the sequel to Chaos Monkeys, to show the exhilaration of Coinbase about the acquisition deal.
This article first appeared at CryptoNinjas
