Coinbase raises $100m

Coinbase raises $100m

Digital currency exchange Coinbase has joined the unicorn club after raising $100 million in a Series D funding round led by venture capital firm IVP.

The round, joined by Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates, brings Coinbase's total funding to $217 million and gives it a valuation in excess of $1 billion.

Founded in 2012, Coinbase says it has seen unprecedented growth over the last year, with bitcoin's soaring valuation and the rise of other cryptocurrencies such as Ethereum helping it exchange over $25 billion for customers.

The new money will be used to beef up the engineering and customer support teams, open a New York office for professional trading platform GDAX, and invest in Ethereum network browser Toshi.

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