Coinbase raises $300m at $8bn valuation

Coinbase raises $300m at $8bn valuation

Coinbase has raised $300 million in a Series E funding round led by Tiger Global Management, giving the cryptocurrency exchange a valuation of more than $8 billion.

Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others joined the round, which sees the startup's valuation jump from $1.6 billion at its last financing in April 2017.

Founded in 2012, San Francisco-based Coinbase has surfed the Bitcoin wave to become one of the biggest players in the crypto space, building up a staff of 500 people.

The company, which recently announced plans for a Dublin office, says that it will use the new funding to continue its global expansion, building the infrastructure between fiat and crypto in markets around the world.

It is also promising to quickly add support for more cryptocurrencies, expanding its platform from a handful to thousands.

Perhaps most importantly, Coinbase is hoping to win over Wall Street, adding features and crypto assets to its custody offering in the hope of bringing more institutional funds into the space.

Last week, it received NYDFS approval to offer custody services for some cryptocurrencies and, according to Bloomberg, is expected to have 40 clients with more than $1 billion under custody within weeks.

Asiff Hirji, president and COO, Coinbase, says: "We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world."

Comments: (0)