Coinbase, a San Francisco, CA-based platform that allows people to buy, sell, and store cryptocurrencies, raised an additional $300m in Series E equity funding.
The round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
The investment valued the company at over $8 billion.
The company intends to use the funds to:
– expand globally, building the infrastructure between fiat and crypto in regulated markets around the world;
– offer more crypto assets,
– develop utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and the Coinbase Wallet; and
– add features and crypto assets to its Custody offering to bring more institutional funds into the space.
Founded in June of 2012 and led by Brian Armstrong, CEO, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, litecoin, etc.
The company has had 20M+ users and $150B+ traded to date.
Read more about the funding and the future plans of the company in this post written by Asiff Hirji, President & COO.