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BY CNA team - October 3, 2018

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Coinbase close to deal valuing it at US$8bil

Coinbase in talks with Tiger Global to raise up to US$500mil that will value the company at US$8bil
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San Francisco-based crypto exchange Coinbase is close to finalising a deal that would value the company at nearly US$8bil.

Sources tell Recode, a tech news site, that Coinbase is in talks with Tiger Global, a New York-based hedge fund, for an investment of up to US$500mil.

While the exact amount is yet to be determined, sources say that about half of the total amount will be new funding for the exchange with the remainder used to buy out existing investors.

The last time the exchange raised money was in August last year. At the Series D funding round, US$100mil was raised, valuing Coinbase at US$1.6bil. Since its founding in June 2012, the company has so far raised US$217mil.

The lead investor in the Series D round was IVP Capital and according to Crunchbase, there were a total of 12 investors in that round.

According to its website, Coinbase has 18 investors, including Andreesen Horowitz, Mitsubishi UFJ Financial Group, Madrid-based Banco Bilbao Vizcaya Argentaria, Y Combinator and IDG Ventures.

According to Recode, Coinbase has been talking with investors for almost the whole year about a secondary stock sale that will allow existing investors to cash out without the company necessarily having to raise the money by itself.

It noted that the secondary sale moved slowly and a final deal was never reached despite lots of interest.

Besides the latest round of funding, there has long been speculation that the company may be interested in going through an initial public offering.

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