Coinbase scores $25 million funding round as VCs pile into bitcoin

Coinbase scores $25 million funding round as VCs pile into bitcoin

Bitcoin wallet outfit Coinbase has raised $25 million in a funding round led by Andreessen Horowitz, with participation from existing investors Union Square Ventures and Ribbit Capital.

The investment represents the largest fundraise in Bitcoin to date and brings Coinbase's total raised to $31M, following an earlier $7 million seed round.

The start-up, which employs just eight people, currently counts 600,000 registered users for its Bitcoin wallet, up from 200,000 in August as the virtual currency began its upward trajectory to a £1000+ valuation.

Coinbase claims to be the only company that touches the three most important points of the Bitcoin ecosystem: consumers, merchants, and developers.

"We are averaging 10,000 new customer sign-ups a day, and are now working with over 16,000 merchants including OkCupid, Khan Academy, and Reddit, who use Coinbase to accept bitcoin," says the vendor. "We are making it easier for consumers to buy, merchants to sell, and developers to build, and we can't wait for our next chapter."

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