Coinbase raises $300m Series E, valuing company at $8bn

Digital currency wallet Coinbase has raised $300m in its Series E, valuing the company at $8bn.

New York-based investor Tiger Global Management led the round, which also received contributions from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.

Founded in 2012, Coinbase connects bank accounts, debit cards or credit cards to its cryptocurrency exchange to trade in an out of local currency. The company, which is a used in 32 countries, stores the digital tokens on the platform and are covered with insurance.

With the capital injection the company is looking to expand its global operations, offer more crypto assets through its platform and develop new utility applications for cryptos such as a stablecoin. Alongside this, it will look to introduce institutions into the cryptocurrency market by adding new services and assets to its custody offering.

In a company blog post it said, “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.

“We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3), which has the power to put control back in the hands of consumers, unleash a new era of innovation, and offer greater access to economic opportunities to more people around the world.”

Last year, the company closed its Series D round on $100m, with contributions coming from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates.

Earlier in the year, the FinTech launched an index fund to help accredited investors to back blockchain-based digital assets.

Copyright © 2018 FinTech Global

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