Coinbase has raised $300 million in a series E funding led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
The funding will go towards further global expansion, towards attracting more institutions to crypto, towards listing more crypto assets and towards building utility applications for cryptos. Asiff Hirji, President & COO at Coinbase, says:
“We see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future.”
Rumors suggested they were hoping to raise $500 million, with $250 million of it to go towards buying out previous investors. The deal they closed, however, was $300 million “at a post-money valuation of over $8 billion.”
“Coinbase is, and will remain, a crypto-first company… We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world,” Hirji says.
There has been much speculation this year over whether they will be the first crypto company to hold an Initial Public Offering (IPO) in the United States.
They have made no hint at potentially ICO-ing, but what exactly does “a crypto-first company” mean, is not clear.
The exchange recently let go of 15 remote customer services staff, stating they would rather have it all in-house, but might suggest the bear market crunch might be starting to slightly bite.
Anticipation over Coinbase listing has been one bullish green shoots in the crypto space recently, with ZRX jumping to become one of the most valuable eth token after they were added to Coinbase.
BAT has seen some bullishness too on rumors of Coinbase listing, with the crypto broker and exchanges stating they aim to list most digital assets.
The funding might now provide them with more resources towards that aim, just as it may lay the groundwork for an IPO as there aren’t many funding rounds left now at this stage.