Coinbase Raises $300 Million In Another Financing Round
Coinbase, the leading US crypto exchange, completed another round of financing and managed to raise $300 million, according to the company’s blog.
Now Coinbase is valued at more than $8 billion. The fifth stage of financing was headed by the Tiger Global venture capital fund. Besides, Y Combinator Continuity, Andreessen Horowitz, Polychain, and Wellington Management invested their funds in the trading platform.
We're pleased to announce our latest funding round, led by Tiger Global Management. We plan to accelerate our global expansion and investments in the utility phase of crypto—always working to create a more open financial system for the world. Read more: https://t.co/JzGlMGLjaC— Coinbase (@coinbase) 30 октября 2018 г.
Despite the decline in the cryptocurrency market capitalization in 2018, Coinbase managed to earn a large amount of funds. According to Bloomberg, the company's revenue may reach $1.3 billion by the end of the year. The crypto exchange intends to use the investment received for the purpose of expanding its operations around the world and realizing the opportunity to trade thousands of digital assets.
“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”, Coinbase stated.
Currently, the platform offers to trade with only six assets, and the Coinbase listing traditionally includes cryptocurrencies that do not contradict the United States laws regarding securities.
However, the company has now decided to change its attitude to the listing and intends to offer the possibility of trading other cryptocurrencies in different countries independently of the US financial regulators.
For the first time, information about the upcoming Coinbase funding round of $300 million appeared in early October.