BY Fintan Ng - October 31, 2018
Coinbase now valued at over US$8bil after latest funding round
Coinbase, the San Francisco-based crypto exchange, has successfully raised US$300mil in Series E funding, which now values the startup at over US$8bil.
The startup’s president/COO Asiff Hirji says in a blog post that the additional investment will be used to accelerate the adoption of cryptocurrencies and digital assets.
The funding round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
Besides the latest round of funding, there has long been speculation that the company may be interested in going through an initial public offering.
Hirji says the new funding will be used to specifically for global expansion by building the infrastructure between fiat and crypto in regulated markets around the world.
He sees a need to offer as many crypto assets as quickly as possible. “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,” Hirji says.
Utility applications for crypto will also be a focus such as support for stablecoins like USDC on the exchange as well as the development of a wallet service.
Custody will not be neglected as Hirji says the exchange will be adding features and assets to its custody offering in order to lure more institutional funds into the crypto space.
Earlier in the month, news broke that Coinbase was seeking funding of up to US$500mil, with about half of the total amount to 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.