Coinbase Eyes Global Expansion after Getting $300M in Funding Round
US company Tiger Global has led the investment round, which also saw backing from Andreessen Horowitz, Y Combinator Continuity, Wellington Management, and Polychain.
Coinbase, one of the largest cryptocurrency markets, has raised $300 million in a Series E funding round led by US hedge fund Tiger Global of millionaire Julian Robertson. The exchange plans to use the fresh money for bolstering its services worldwide, Asiff Hirji, president and chief operating officer (COO) of Coinbase said in a blog post on Tuesday.
“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. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others,” Hirji wrote.
The new funding round will allow Coinbase to expand its fiat-to-crypto offerings by building the needed infrastructure in regulated markets around the globe, the COO explained without giving any details about future countries or fiat currencies. Currently, the California-based platform supports several crypto-to-fiat pairs with three traditional currencies: US dollar, Euro, and the British pound.
Coinbase will pour part of the fresh capital in the listing process, Hirji said as the company plans to speed up the process of adding new cryptos in a bid to enlarge its trading roster beyond the existing seven virtual assets: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), and USD Coin (USDC).
The exchange also plans to invest the Series E funding into:
“Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet,” Hirji explained.
“Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space.”
The fight for the institutional investors has become very competitive in the US as New York Stock Exchange (NYSE)’ owner ICE will launch its crypto trading platform Bakkt in the coming weeks. Moreover, Bakkt COO is the former Coinbase vice president Adam White, who left the company in October. White was the leading figure behind the Coinbase suite of products for institutional investors, revealed earlier this year.
Last year, Coinbase raised $100 million in a Series D funding round led by Institutional Venture Partners (IVP), a fund that has backed projects like Dropbox and Netflix.