Coinbase Adds $300 Million to Accelerate Crypto Adoption

October- 30, 2018 | AtoZ Markets

The President and CEO of Coinbase, Asiff Hirji, announced yesterday that the latest fundraising campaign its company had with Tiger Global Management, could raise an additional amount of USD 300 million.

“Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others”, Hirji said.

Hirji showed optimism with regard the future of the crypto industry.

“We see tremendous promise in crypto to build the next great phase of the internet, 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.”, added Hirji.

Global expansion, more cryptos, and utility application in the market

The company, which has more than 1000 employees and contractors on board, aims to obtain banking licenses as well, to “accelerate the adoption rate of cryptocurrencies and other digital assets”, in a step to encourage financial institutions to take part in the market, along with other initiatives they are involved in, as per reports.

 The San Francisco-based exchanged explained in its blog that the additional financing resources as the following:

• Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;

• Offering 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;

• Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet; and

• Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the crypto space.

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