Coinbase Cryptocurrency exchange has revealed that it has raised $300 million that will be used in its expansion program. The amount raised in series E equity funding has increased the brokerage service’s market valuation to $8 billion. The company has an ambitious plan to list more Cryptocurrencies and make the digital assets accessible to more people worldwide.
Investors Pump $300 Million Into Coinbase
Coinbase market valuation has soared to around $8 billion after the exchange recently managed to raise $300 million. According to the San Francisco-based exchange, various companies participated in this series E equity funding. Some of these businesses include Andreessen Horowitz, Wellington Management, Y Combinator Continuity, and Polychain Capital. The brokerage service has confirmed that Tiger Global Management was the leading investor in this investment round.
Coinbase To Expand To Other Markets
On its blog, the San Francisco firm said that it will use the funds to enhance the adoption of Cryptocurrencies around the world. The company added that it is planning to expand its services to other countries. Furthermore, the exchange is optimistic that it will be able to list more coins in the future.
To boost Cryptocurrency adoption, Coinbase said that it will encourage more institutions to get into the Crypto space. The exchange will achieve this by bolstering its custody offering. Given the enormous funds the firm has managed to raise recently, it will be in a better position to champion the adoption of the digital assets among traditional institutions that have been reluctant to join the sector.
Recent Moves That Benefit Coinbase
Recently, Coinbase has been involved in various projects that will play a vital role in helping the exchange achieve its ambitions. On October 23, the New York Department of Financial Services awarded the company a trust charter. This moved has enabled the exchange to proceed with its plan to establish a standalone organization called the Coinbase Custody Trust Company.
The exchange has provided its customers with more trading options after recently adding the USDC stable coin. The company said that it is planning to list more utility applications for virtual currencies in coming months and years. It added that the additional $300 million will enable it to remain a Crypto-first firm.
Coinbase was established in 2012. Since then, it has experienced massive growth in capital and its customer base. The company has attracted about 44 investors. The exchange has had seven large funding rounds that have enabled it to raise around $525.3 million. On its website, the company said that it is optimistic that Cryptocurrency will be responsible for the next phase of the internet that will introduce decentralization, giving the consumers more control. The phase will also provide more economic opportunities and create a new age of innovation.
Cryptocurrency Platforms In The U.S
Coinbase is not the only virtual currency platform in the American Crypto market. Recently, Oscar Salazar, Uber co-founder launched a new startup called Voyager. Circle Financial is another competitor and has so far managed to raise to around $246 million. All these companies are working tirelessly to keep their customers and attract new ones.