Tiger Global considering to make an investment of $500 million Coinbase.According to the sources, Coinbase will spend $250 million alongside the new investment to strengthen its financial position. The investment has led Coinbase to be valued at whopping $8 Billion. Hence making the platform one of the highest privately valued companies in the US.
Last summer, the exchange was valued at merely $1.5 billion, after which the cryptocurrency market saw an uptrend where Bitcoin [BTC] reached a trading price of $20,000 in December 2017. However, the market came crashing down earlier this year, where Coinbase underwent quite a loss. Brian Armstrong, stated “building an open financial system for the world” has to be given higher priority over temporary up/down.
Armstrong,in his recent tweet about how he comprehends his platform to create flexibility in the financial system where everybody feels included.
“Our mission is to create an open financial system for the world, and everyone must feel included. Coinbase Learn is a simple, foundational resource to help anyone and everyone educate themselves about crypto. “
Last week, the CEO, in a bold yet optimistic way mentioned that his company could become the Google of the cryptocurrency space. Here, he also discussed the origins of Coinbase and its initial purpose of creation. Armstrong, who has also been listed under Fortune’s 40 under 40 stated Satoshi Nakamoto’s Bitcoin white paper as one of the first reasons for the inception of Coinbase.
Investment of $500M in Coinbase -Today, Coinbase also released an official blog on its accomplishments in the third quarter of 2018. Here, Armstrong spoke about the recent investments made by the company, acquisitions, hirings, launches and more. According to the blog, Coinbase invested in nine companies in this quarter, namely, Coalmine, Public Market, Horizon Games, among others.
On the news of Coinbase valuation and Tiger Global, many Twitteratis posted their opinions. Rahul Sood, a crypto-entrepreneur and blockchain space enthusiast wrote:
“The big value in Coinbase is the compliance and regulatory work they’re doing. Any exchange or project who operates at a high level will be worth a ton of money.”
Another Twitter user, Kunal Desai, who is the CEO of Bulls on Wall Street also commented:
“I’m thinking much less than Coinbase. As an American firm that’s compiled and filled every hoop and license they can. Their long term security is just higher than Binance even though I prefer trading off Binance.”