In an act of market defiance, United States-based cryptocurrency exchange Coinbase has raised a further $300 million in series-E funding in a fundraising round led by global investment firm Tiger Global Management.According to an announcement by Asiff Hirji, President and chief operating officer of Coinbase, the funding round saw participation from a variety of hedge funds and venture capital firms, including Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and more. Coinbase initially launched in 2012 following a $600k seed round. Since then, the digital asset exchange headquartered in San Francisco has undergone several funding rounds, most notably raising $75 million in series-C and $108.1 million in series-D funding from investors including Netflix, Bank of Tokyo, and the New York Stock Exchange (NYSE). [bctt tweet=”To date, Coinbase has raised over $500 million in investments and currently sits at an $8 billion market valuation.” username=”beincrypto”] The digital asset exchange stated the funds will be used to fuel global expansion, bring more institutional funds into the crypto space, and boost their currently small selection of crypto-assets. Coinbase also recently announced its intention to ramp up its expansion in European markets by opening an office in Dublin. Additionally, the platform just launched its first ever video commercial highlighting the benefits of cryptocurrency. It also offers its vision for the future of the nascent asset class.
Coinbase’s trading platform currently offers trading on Bitcoin, Bitcoin Cash, Ethereum, and Litecoin — with Ethereum Classic and 0x recently joining the party as buy or sell options. It is most widely known as a popular Bitcoin exchange and wallet, thanks to its ease of use and user-friendliness. With easily its largest funding round yet, do you think Coinbase still has more room to grow? Are there any other digital currency exchanges that could do a better job with such extreme funding? Let us know your thoughts in the comments below!
At Coinbase, we believe that cryptocurrencies and the technologies that power them represent a breakthrough in computer science that will change both the internet and the global financial system for the better. pic.twitter.com/soaFnatNoH— Coinbase (@coinbase) October 30, 2018
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