$300 Million Investment Pours Into Coinbase As $8 Billion-Powerhouse Plans to Add Hundreds of Cryptocurrencies
Coinbase confirmed on Tuesday a new round of funding led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. The Series E equity round of $300 million pushes Coinbase’s valuation to over $8 billion.
In August 2017, Coinbase was valued at $1.6 billion.
The latest investment coincides with the company’s rapid expansion. San Francisco-based Coinbase is opening an office in Dublin to complement its office in London. The company has also branched out with locations in New York and Tokyo.
The $300 million will be directed toward its global expansion, building key infrastructure for fiat-to-crypto trading in regulated markets around the world.
Coinbase also says it plans to initiate a massive ramp up of cryptocurrency listings.
“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.”
“We strive to be the easy, trusted way for anyone to get started with cryptocurrencies. We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world.”
Coinbase joins financial legacy leaders Intercontinental Exchange (ICE) and Fidelity in building crypto custody offerings and solutions to bring more institutional dollars into the space. Coinbase recently announced support for a ‘digital dollar’, the USD stablecoin (USDC), developed by Goldman Sachs-backed Circle.