Coinbase, one of the most popular cryptocurrency exchanges in the world, took over the engineering team of Romanian startup Memo.AI, the developer of a Slackbot that helps teams manage notes and instructions.

Cryptocurrencies represent one of the hottest sectors today after the price of Bitcoins and other similar currencies skyrocketed in recent months.

“We decided to join Coinbase because we’re super excited about the company’s mission of building an open financial system,” said Memo.AI co-founder Mircea Pașoi in a blog post, Techcrunch.com reported.

He admitted that Memo.AI failed to “succeed in finding product/market fit and building a sustainable business.” The startup will shut down its service on March 16.

Memo.AI’s co-founders previously started Summify, a social network summation tool acquired by Twitter in 2012. Memo.AI’s design co-founder will join Dropbox.

editor@romania-insider.com