In an official blog post published today, October 30, one of U.S foremost cryptocurrency exchange and wallet provider, Coinbase, has amassed a staggering $300 million in a new funding spree. The result of this strategy is seen in their post-money valuation- which soared high up to $8 billion.
According to reports, an investment firm, Tiger Global Management spearheaded the E-Series funding of the company’s share as they were trailed by a host of other investors with keen interests in the crypto world. They include Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain, among others.
Coinbase plans to utilize the funds in fast-tracking the mass adoption of cryptocurrencies while drawing a chart to develop solid infrastructure that will brace up controlled directives in the trading of crypto globally and to set a cornerstone for the support of futuristic cryptos anticipated in their numbers.
The funds generated will also be employed to aid the on-going development of Coinbase’s proprietary wallet likewise generating fresh “utility applications”, like their current attempt to launch a stable coin known as the USDCoin (USDC), alongside Block-chain Tech Company, Circle.
Coinbase finally underscores it commitment and plan to relieve institutional investor openness to crypto. They made this optimistic claim this May that an overhauled infrastructure and an array of different offerings could open “$10 billion of institutional investor money resting by the side”. Subsequently, today’s post shed light on the blueprint to furnish their existing custodian solution which officially became open for business in July with additional features and fresh crypto assets.
Coinbase’s Index Fund had expanded its U.S resident accredited investors’ quota for investments of between $250,000 and $20 million in mid-June.
The news today validates speculations that reared up early October. In the rumours, Tiger Global was said to be in close proximity to securing a deal with an exchange. The report at the time has it that Tiger Global Management is an investment firm launched in 2001 that invests globally in both private and public markets.
With the unfounded news about the deal already hinting at a milestone $8 billion valuation back then, CEO of crypto merchant bank Galaxy Digital Mike Novogratz commented:
“Here’s the poster child of the crypto space worth $8 billion — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”
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