Business 31 October 2018Ed 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.
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