In an official blog post released by Coinbase today, Oct. 30th, the US exchange giant announces that they have raised “$300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets.”
The series E equity round was lead by Tiger Global Management but also included the participation of Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
With the new $300 million fresh funding, it bring the post-money valuation to $8 billion for use in the acceleration of adoption for cryptocurrencies and digital assets. How does Coinbase plan to accelerate adoption? Below are the areas that Coinbase plans to use the funding to improve.
- “Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;
- Offering more crypto assets, quickly — we see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future;
- Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet; and
- Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space.”
Coinbase’s announcement of the funding confirmed rumors that had begun to circulate earlier in the month about a possible partnership between Tiger Global Management and Coinbase. Tiger Global Management is an investment firm founded in 2001 that invests in both private and public markets globally. Tiger’s investment shows their believe in the crypto market and willingness to support its growth.