One of the main cryptocurrency exchange platforms based here in the United States is Coinbase. In a recent report by Coin Telegraph, Coinbase raises $300 million in the latest funding drive whose primary objective is to promote the adoption of cryptocurrencies not only in the country but also abroad.
Coinbase Post-Money Valuation $8 Billion
Following the successful funding drive that attracted thousands of institutional and retail investors, Coinbase current post-money valuation is estimated to be $8 billion. A leading investment company spearheaded the funding drive dubbed Series of E equity financing in the country called Tiger Global Management.
Other notable investors include Wellington Management, Y Combinator Continuity, Polychain, Andreessen Horowitz and many more. While speaking to the press, Coinbase management stated that the funds would be used to promote the adoption and growth of cryptocurrencies.
Coinbase raises $300 million to Boost its Operations
Coinbase is also planning to put in place modern tech infrastructure that will support regulated fiat cryptocurrency that is trading globally. The infrastructure will also provide a strong foundation for thousands of new cryptocurrencies that will be created in the future.
A portion of the money will also be invested in creating Coinbase own digital wallet as well as new utility applications. The latest collaboration with Circle, a blockchain technology firm, to launch a stable coin called USDCoin will also profit from this new investment. Experts also have foreseen addition of new cryptocurrency assets to the currency custodian solutions that the company offers.
Coinbase team also revealed that they have plans to continue putting it process that will give institutional investors more access and exposure to cryptocurrencies. One of the bullish claims made by the exchange is that the new infrastructure will help unlock more than $10 billion of institutional investor money that is yet to be pumped into the industry.
Notably, Coinbase Index Fund provided large-scale investors in the United States an opportunity to invest in the company by depositing between $250,000 and $20 million. There are also rumors that Tiger Global Management firm is almost signing a deal with the cryptocurrency exchange.
Overview of Tiger Global Management Firm
As mentioned earlier, Tiger Global Management is an investment firm based in the United States but operates across the globe. Over the years, it has ventured into both public and private markets in a bid to expand its clientele base. The firm is keen on embracing new technology that such as blockchain technology as evident from the considerable investment it has made so far in the industry.
Coinbase will use this investment to expand its operations and promote the adoption of cryptocurrencies in the country. The management team should ensure that they use the money well by making sure that it is channeled into the right projects.