Cryptocurrency startup, Coinbase, raised $300 million in a series E funding round, the company announced on Tuesday. The round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. Funds will be used to accelerate the adoption of cryptocurrencies and digital assets, the company said.
This takes the post-money valuation of the startup to $8 billion. Coinbase is, and will remain, a crypto-first company, the statement on the blog post said.
“More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. We strive to be the easy, trusted way for anyone to get started with cryptocurrencies. 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,” said the Asiff Hirji President & COO, Coinbase.
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Coinbase will use this financing to accelerate its global expansion by building the infrastructure between fiat and crypto in regulated markets around the world. It will also offer more crypto assets, quickly. “ 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.”
The funds will also be used as a utility applications for crypto, like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet. ” We will also bring institutions into crypto and adding features and crypto assets to our custody offering to bring more institutional funds into the space,” said Hirji.
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“At Coinbase, we believe that cryptocurrencies and the technologies that power them represent a breakthrough in computer science that will change both the internet and the global financial system for the better. We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3), which has the power to put control back in the hands of consumers, unleash a new era of innovation, and offer greater access to economic opportunities to more people around the world,” he added .