- Coinbase just raised $300 million in a Series E round, bringing its valuation to $8 billion.
- The start-up plans to use those funds to "accelerate the adoption of cryptocurrencies and digital assets," Coinbase President and COO Asiff Hirji says.
- Coinbase is often seen as a poster child for the industry, and its allure among top venture capitalists has been touted as a positive sign for the future of cryptocurrencies.
Bitcoin's value has dropped drastically this year, but the value of cryptocurrency exchange Coinbase is skyrocketing in the opposite direction.Previously:
The San Francisco-based company on Tuesday announced a $300 million fundraising round that puts Coinbase's new valuation at $8 billion and makes it one of the most highly valued in the United States. The deal marks a massive increase from its previous valuation, which had been $1.6 billion as of August 2017.
The Series E round was led by Tiger Global Management, with participants including Andreessen Horowitz, Y Combinator Continuity, Wellington Management and Polychain.
Coinbase plans to use the funds to "accelerate the adoption of cryptocurrencies and digital assets," Coinbase President and Chief Operating Officer Asiff Hirji said in a statement.
The company, the best known U.S. cryptocurrency trading platform, is seen as a poster child for the fledgling industry. Its allure among top venture capitalists has been touted as a positive sign for the future of cryptocurrencies.
Coinbase, which landed at the No. 10 spot on the 2018 CNBC Disruptor 50 list, was certainly in the right place at the right time when bitcoin skyrocketed more than 1,300 percent last year to nearly $20,000.
Bitcoin and other cryptocurrencies have lost more than 65 percent of their value since, as retail interest wanes. But Coinbase has plowed money back into a master plan to cater to institutional investors. This year, it launched a suite of offerings for professional investors. One of them, Coinbase Custody, received regulatory approval last week from the New York Department of Financial Services.
It recently partnered with fellow cryptocurrency unicorn Circle to support a U.S. dollar-backed cryptocurrency known as a "stable coin."...MORE
SEC documents detail scores of fraud allegations against Andreessen-backed Coinbase
People are complaining to the SEC?
That is not what you want ahead on your IPO.
"Coinbase Strategy Teardown: How Coinbase Grew Into The King Midas Of Crypto Doing
$1B In Revenue"
Coinbase is the Andreessen Horowitz backed cryptocurrency play that's working out.
21.co is the one that isn't....
"Announcing Coinbase Index Fund"
Coinbase, and the things Coinbase is doing seem to be a more realistic way for Andreessen Horowitz to make money out of Bitcoin than their 21.Co. (see below)...
Andreessen Horowitz Investee Coinbase May Buy Andreessen Horowitz Investee Earn.com (né 21.co)
Ha!
That's one way to exit.
Earn.com was not mentioned in April 4's "Crypto M&A: "Three Startups Coinbase May Have Its Eye On"" because it's such a Tesla/SolarCity-cousins-shouldn't-marry type of deal.
Yet here we are....
And many more but that's such a nice progression we''ll stop here. Use the 'search blog' box if interested.
