Coinbase Closes $25M Series B Funding

BitcoinAccording to a post on its blog, Coinbase, a San Francisco, CA-based digital wallet that allows users to buy, use, and accept bitcoin, closed a $25m Series B funding.

The round was led by Andreessen Horowitz with participation from existing investors Union Square Ventures and Ribbit Capital. In conjunction with the funding, Andreessen Horowitz’s Chris Dixon and Union Square Ventures’ Fred Wilson will join Coinbase’s board.

The company will use the funds to scale operations. It is hiring.

Founded in June of 2012 by Fred Ehrsam and Brian Armstrong, Coinbase is a bitcoin wallet and platform where merchants and consumers can transact with bitcoin, the world’s most widely used alternative currency. Users have created more than 600,000 Bitcoin wallets on the platform.
The company had already raised a total of $6m (read here).



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