Coinbase Raises $300 Million-Major U.S. based cryptocurrency exchange and wallet provider, Coinbase, announced on Tuesday that it had raised $300 million of investment at a valuation of over $8 billion in a series E equity funding round! His was in accordance with an official blog post published October 30th.
The Series E equity financing round was reportedly led by New York-based investment firm. Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. Furthermore, this funding will be used to accelerate global expansion and the offering of more cryptocurrencies.
“We’re pleased to announce that Coinbase will add an additional $300 million of investment at a post-money valuation of over $8 billion. As a result of accelerating the adoption of cryptocurrencies and digital assets,”
-San Francisco-based company’s blog.
Future plans of Coinbase:
Coinbase Raises $300 Million- Coinbase has collected even more funds during this month after raising $100 million in August in a series D funding round. On Oct. 30 the company announced that a further $300 million of funds were raised in a series E equity funding round.
The San Francisco-based company explains that with these funds it plans to expand its services globally. Similarly, aims to support thousands of cryptocurrencies in the future. Additionally, it plans to offer more crypto assets supported by its exchange platform.
Coinbase received a trust sanction from the New York Department of Financial Services on Oct. 23 which enables them to build an independent entity called the ‘Coinbase Custody Trust Company’. It also plans to build more utility applications for cryptocurrencies, for example, it recently launched support for Circle’s USDC stablecoin and the Coinbase Wallet.
“We see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future,”
-Coinbase Chief Operating Officer Assif Hirji in a post.
Growth In Size
“Coinbase is and will remain, a crypto-first company. Furthermore, 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.”
-Coinbase stated in a post.
It is clear that Coinbase will use this series of funds for the following:
- To offer more crypto assets.
- To provide more utility oriented applications.
- Bringing more institutional funds into crypto.
“We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3). Similarly, which has the power to put control back in the hands of consumers, unleash a new era of innovation. And offer greater access to economic opportunities to more people around the world,”