Coinbase Raises $5M in Funding; Now Processes $15M

According to the WSJ (read here), Coinbase, a San Francisco, CA-based online platform to buy and sell Bitcoin, raised $5m in funding.

The round was led by Union Square Ventures, with participation from Ribbit Capital. SV Angel, and Fundersclub also participated in the round.

Co-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 the new (but already popular) virtual currency bitcoin.
The company had raised a $600k seed round in September 2012 from Greg Kidd, Y Combinator, Garry Tan, Start Fund, IDG Ventures, Adam Draper, and FundersClub (read here).

According to its blog (read here), Coinbase processed $15m in the last month in Bitcoin buys and sells, a huge increase from over $1MĀ announced in February 2013.

The company is hiring (read here).



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