Coinbase is one of the largest companies in the cryptocurrency industry, worth more than $8 billion, and now ranks among the world’s most valuable tech startups following the conclusion of a new funding round. The company announced on Tuesday it closed a $300 million Series E funding round led by Tiger Global Management. Coinbase President & COO Asiff Hirji said the funding round also featured participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain Capital.

Hirji wrote within the announcement that Coinbase plans to ‘quickly’ list more cryptocurrencies, adding that “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.”

When speaking with Bloomberg, he stated that Coinbase doesn’t actually need the funding, but pursued it for “opportunistic” reasons. The San Francisco-based cryptocurrency exchange operator achieved a record $380 million in profit in 2017, according to its report.

“The companies interested in investing in us know that this is the next wave of tech innovation,” Hirji told the publication. “This was an opportunistic round. We didn’t have to go out and raise capital.”

Reports were previously circulated that Coinbase internally valued itself at $ billion, though this valuation was yet to be confirmed by the market – until now. Coinbase even attempted to conduct the funding round at a higher valuation, however, the crypto market decline made investors hesitant about overpricing the startup.

“For this round, we simply weren’t interested in taking investments from firms that didn’t have a constructive view of crypto,” Hirji said. “This round, and the future of crypto in general, needs to be about more than asset prices.”

Aside from listing new cryptocurrencies, the firm also intends to utilize this financing to further its global expansion plans and add new features and supported cryptocurrencies to its institutional platform.

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