Coinbase Raises $300-M, Grows Value to $8-B Despite BTC Plunge

Oct 31, 2018 at 20:33

Coinbase said it generated $300 million during its recently held Series E fundraising round, an amount that boost its overall valuation to $8 billion.

“Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets,” the San-Francisco-based crypto startup said in its blog.

The firm said the funds will be used for global expansion by building the infrastructure between fiat and crypto in regulated markets, as well as offer more crypto assets to its platform.

“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,” Coinbase said.

The proceeds will also be used to advance utility applications for crypto and to continue developing its wallet.

Coinbase also plans to bring institutions into the crypto space by adding features and crypto assets in its offering.

The Series E equity round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.

Coinbase’s acceleration signifies an upward course for the firm, contrary to what top token Bitcoin has been experiencing.

To recall, Bitcoin skyrocketed more than 1,300 percent last year to nearly $20,000.
However, it lost more than 65 percent of its value since amid dampened retail investment appetite.

With Bitcoin being a market leader, its plunge sent markets roiling to match the level of its decline.