Coinbase reaches $8B valuation on heels of Tiger Global’s $500M investment

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With Coinbase (NASDAQ: COIN) poised to land a $500-million investment from hedge fund giant Tiger Global, the cryptocurrency exchange’s value may be at $8 billion, according to online publication Recode.

Of the $500 million to be invested, as much as $250 million is earmarked for buying out existing investors.

The Recode article noted that Coinbase had been valued at $1.5 billion in the summer of 2017, just before a spike in interest in cryptocurrencies and record levels of coin prices and trading volumes.

When Coinbase bought out networking platform Earn.com in April for over $120 million, it reportedly did so at an $8-billion valuation, which the company has declined to confirm or deny.

Rumors of an upcoming Coinbase IPO have been around over the past year. Last December, its President Asiff Hirji said, “the most obvious path of Coinbase is to go public at some point, but there’s a lot for us to do between now and then, whenever that date is.”

It doesn’t hurt that the exchange recently welcomed Chris Dodds from brokerage Charles Schwab, as part of the Coinbase Board of Directors. In a blog post, Coinbase co-founder and CEO Brian Armstrong said, “Chris brings world-class leadership skills, deep knowledge of the financial services industry, and significant financial and accounting experience… His addition to the Coinbase board is part of our effort to expand our financial services capabilities as we head into this next chapter for the company and the cryptocurrency industry as a whole.”

Dodds also continues to serve as board member of Charles Schwab, and as the brokerage’s risk committee chairman.

Coinbase has been busy expanding its operations, such as opening a branch in New York, and providing new products. It recently introduced Coinbase Bundle, where traders can purchase for a minimum of $25, a diversified portfolio featuring five cryptocurrencies—including Bitcoin Cash (BCH)—as an alternative to deciding what and how much of each asset to buy.

The exchange has also changed its process for listing assets, allowing users to submit their applications, where local laws will determine what coins or tokens will be made available to users for trading.