Coinbase Gunning for Expansion Upon New Series E Fundraising Round
Cryptocurrency exchange Coinbase is set to further fuel its expanding ecosystem upon the company’s announcement of a successful $300 million USD Series E equity round. Coinbase has accordingly achieved a valuation in excess of $8 billion.
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Toward a ‘More Open Financial System’
On October 30th, Coinbase announced it had secured $300 million in investments and a valuation eclipsing $8 billion in a Series E equity round.
We're pleased to announce our latest funding round, led by Tiger Global Management. We plan to accelerate our global expansion and investments in the utility phase of crypto—always working to create a more open financial system for the world. Read more: https://t.co/JzGlMGLjaC
— Coinbase (@coinbase) October 30, 2018
Several mainstay firms of the cryptoverse participated in the round, including Andreessen Horowitz, Polychain Capital, and Y Combinator Continuity, an investment arm of the wider tech startup accelerator Y Combinator.
Tiger Global Management, an investment firm whose profile has risen in recent years, led the round.
Coinbase President and chief operating officer Asiff Hirji noted the exchange would leverage the new funds in a four-pronged expansion campaign. The main pillars of that campaign would be generating increased institutional interest in the space, fostering cryptocurrency applications, expanding its platforms’ internationally-minded services, and listing “hundreds” and maybe even “thousands” of cryptocurrencies one day.
“We see hundreds of cryptocurrencies that could be added to our platform today,” Hirji wrote. “We will lay the groundwork to support thousands in the future.”
Big Year for America’s Biggest Crypto Exchange
The Series E news marks just the latest headline Coinbase has tallied this year in the exchange’s recent efforts to consolidate its position atop America’s nook of the cryptoeconomy.
In September, Coinbase partnered with cryptocurrency trading platform Capsian on a new suite of tools for institutional investors and reportedly began seeking advice on creating a cryptocurrency exchange-traded fund (ETF).
Over the summer, the exchange acquired decentralized identity play Distributed Systems, re-opened to Wyomingites, listed Ethereum Classic (ETC), formed a PAC, and launched a custody service. Earlier still, Coinbase started a new operation in Japan and reportedly started working toward becoming a licensed brokerage.
Thus if the first three quarters of the year are any indication, the exchange isn’t done with 2018 yet either — indeed, likely far from it.
What’s your take? Do you think any operation can catch up with America’s top exchange? Let us know in the comments section below.
Images via Pixabay