Coinbase Gunning for Expansion Upon New Series E Fundraising Round

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. 

Also see: Bitstamp Cryptocurrency Exchange Purchased by NXMH

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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.

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 October alone, Coinbase became a Qualified Custodian in the state of New York, listed 0x’s ZRX token and USD Coin, and opened an office in Dublin, Ireland.

Coinbase has one gear: full-speed ahead.

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

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