US crypto exchange and wallet provider Coinbase has raised $300 million in a Series E equity round that brings its post-money valuation to $8 billion.
This was led by Tiger Global Management, with participation from the likes of Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain.
“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,” says Asiff Hirji, President and COO, Coinbase, in a blog post.
“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.”
Coinbase will use the financing to accelerate global expansion, offer more crypto assets, utility applications for crypto , like the recently announced support for a stablecoin (USDC) on Coinbase and continued development of Coinbase Wallet, as well as adding features and crypto assets to its Custody offering to bring more institutional funds into the space.
“Coinbase is, and will remain, a crypto-first company,” Hirji stresses. “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 our 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.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.