Business 31 October 2018

Ed Drake

Coinbase eyes adding ‘hundreds’ of cryptos after closing new $300M round

Crypto exchange and wallet service Coinbase has raised $300 million through its Series E funding round, designed to provide more capital to power its mission to “accelerate the adoption of cryptocurrencies.”

As part of the funding drive, which saw the firm valued at $8 billion, Coinbase is eyeing goals including global expansion, bridging institutional investors into crypto through services like its custody offering, and a push towards more utility applications for crypto.

The funding round was led by Tiger Global Management, with participation from the likes of Andreessen Horowitz, Wellington Management, Polychain and Y Combination Continuity.

The funding comes at an important time for Coinbase, with the company actively pursuing crypto licenses and chasing institutional interest in several jurisdictions.

Welcoming the new funding in a blog post published Tuesday, president and COO Asiff Hirji said the funding will help Coinbase, and the wider crypto sector, grow in influence worldwide.

“Coinbase is, and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously,” he wrote, adding, “We strive to be the easy, trusted way for anyone to get started with cryptocurrencies. 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.”

The latest round of funding takes the total raised by Coinbase to $500 million, following its series D round back in August. At the time, the $100 million raised valued the company at around $1.6 billion, in a round led by Netflix and Dropbox investor Institutional Venture Partners.

With its cryptocurrency custody services, Coinbase has been building the infrastructure to appeal more directly to institutional investors. At the same time, regulatory approval in states like New York, for example, are creating a more compelling offer for regulated investors.

The funding will also be deployed in increasing the number of cryptocurrencies and tokens listed with the exchange, with Hriji saying they see “hundreds of cryptocurrencies that could be added to our platform today,” with plans “to support thousands in the future.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Consensys announces partnership with LVMH, Microsoft

Business 37 minutes ago

Consensys announces partnership with LVMH, Microsoft

Consensys has just announced that they are partnering up with the luxury goods conglomerate LVMH and Microsoft for a blockchain-based platform.

Read More
Crypto in Africa: SA backed digital currency, users get a new app

Business 53 minutes ago

Crypto in Africa: SA backed digital currency, users get a new app

South Africa is looking at developing their own stable coin, and Kudi exchange is looking to expand their services to the continent.

Read More
World Bank, CommBank collaborate to enable secondary bond trading

Business 1 hour ago

World Bank, CommBank collaborate to enable secondary bond trading

The World Bank have joined with CommBank to create a first of its kind process that will be able to record secondary transactions on distributed ledgers.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]