The San Francisco-based cryptocurrency exchange and brokerage service Coinbase announced on Tuesday that it had raised $300 million in series E equity funding. This latest round confirms Coinbase’s status as the largest cryptocurrency organization of its kind, bringing its market valuation up to $8 billion.
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Coinbase Raises More Funds in Order to Expand Global Efforts
Coinbase has raised more money this month after raising $100 million in August in a series D funding round. The company announced on Oct. 30 that the corporation has secured another $300 million from various venture capital investors. The companies who participated in the series E round include Polychain Capital, Y Combinator Continuity, Wellington Management, and Andreessen Horowitz. According to the company’s blog post, Tiger Global Management led the latest Coinbase investment round.
“We’re pleased to announce that Coinbase will add an additional $300 million of investment at a post-money valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets,” explained the San Francisco company’s blog.
The exchange details that the new funding will be dedicated to expanding services across the globe and that Coinbase plans to “lay the groundwork” to support “thousands” of cryptocurrencies in the future. The cryptocurrency service also detailed that it plans on enticing more institutional interest towards the digital asset economy by bolstering the company’s custody offering. Coinbase just received a trust charter from the New York Department of Financial Services on Oct. 23 which will help them build a standalone entity called the Coinbase Custody Trust Company.
Coinbase Envisions ‘Tremendous Promise’
The cryptocurrency exchange also discussed how it recently added the USDC stablecoin and plans to add more
