Coinbase Hits $8 Billion Valuation After $300 Million Funding Round
U.S.-based cryptocurrency exchange Coinbase has just announced $300 million in new funding.
According to a blog post, Tuesday, the firm said that the Series E equity round was led by Tiger Global Management, while Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and more also particpated.
By its own calculation, the major investment gives the company a "post-money valuation of over $8 billion" as part of its mission to drive adoption of cryptocurrencies and digital assets.
Going forward, Coinbase said the funds will be put toward international expansion and developing fiat-cryptocurreny infrastructure in regulated markets.
Additionally, it plans to offer more
crypto assets, eyeing "hundreds of cryptocurrencies" that may be supported by the exchange platform. In the future it added, "we will lay the groundwork to support thousands in the future."
The firm also plans more "utility applications" for crypto currencies, citing the examples of its recently launched support for Circle's USDC stablecoin and the Coinbase Wallet.
Finally, it aims to bring more institutions into the crypto space by building out its Custody offering.
The firm stated in the post:
"Coinbase is, and will remain, a crypto-first company. ... 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."
With the new deal, Coinbase has raised more than $500 million to date.
Last August, Coinbase brought in $100 million in a Series D funding round, which gave it a reported valuation of $1.6 billion at the time. That round was led by Institutional Venture Partners (IVP), an investor in firms like Dropbox and Netflix.