Coinbase, the largest cryptocurrency exchange in the US, is working to improve their customer support while expanding in India through the acquisition of a new startup.
On Tuesday, Coinbase officially announced the acquisition of Agara, an AI-based platform with operations in India and the United States.
The acquisition aims to expand and automate Coinbase’s customer service capabilities by bringing new machine learning and natural language tools to the Coinbase engineering team. The deal also reinforces the company’s strategy to expand its technology hub in India.
The acquisition of Agara will cost Coinbase between $ 40 million and $ 50 million, tech publication TechCrunch reported Monday, citing anonymous sources familiar with the matter. The two companies are expected to close the deal by the end of the year.
Founded in 2017, Agara works on machine learning and natural language processing to improve the user experience. With around 40 employees, Agara is said to have succeeded in gaining a number of major customers, including the cloud-based software company Salesforce and the large e-commerce company Shopify.
According to Pankaj Gupta, Coinbase’s operations manager in India, the tech team will be from Agara join Coinbase as part of the acquisition. Gupta, the co-founder of Agara, hopes the purchase will benefit Agara and Coinbase. “It was surprising to see my world collide with Agara, a startup that I co-founded in early 2017 but later switched to Google,” he notes.
Abhimanyu, co-founder and CEO of Agara, found that the company was also able to integrate its technology system into telephone communications with customers. “Some of the more complicated things we do revolve around phone calls. We have worked to automate most, if not all, of the support that comes through phone calls, ”he said.
Coinbase did not immediately respond to Cointelegraph’s request for comment.
Coinbase’s recent efforts to improve the customer experience stem from the company’s struggle to provide consistent customer service. In mid-October, Coinbase users reported on Coinbase’s new telephone support hotline, which users referred to as a “joke”. The exchange was criticized for poor customer service back in August when users complained about hacked accounts and lost assets.
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