Coinbase Valued at $8 billion in Latest Funding Round

Coinbase funding round cryptocurrency blockchain

Coinbase has completed another funding round, raising as much as $300 million for the firm’s ongoing expansion, according to a statement published by the company this week.

The leading exchange service, which has been working to broaden its appeal to institutional investors and in new markets worldwide, saw the funding round deliver a valuation of $8 billion, up from $1.6 billion at the latest funding round in August 2017.

The latest tranche of funding takes the total raised by Coinbase to date to $500 million, and marks the continuing rise of a company that has become one of the most recognizable consumer brands in crypto.

The funding round was led by Tiger Global Management, with contributions from Polychain and Y Combinator Continuity, among others. According to a post on the Coinbase blog welcoming the funding, the company will now use the funds to drive further adoption of cryptocurrencies worldwide.

Asiff Hirji, president of Coinbase, said the funding validates the firm’s view on the outlook for cryptocurrencies in the future.

“Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets.

“Coinbase is, and will remain, a crypto-first company. 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 Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact.”

As well as using the funds to on-board potentially hundreds of new cryptocurrencies, Coinbase has said it will also continue to explore ways of attracting institutional investors to its services.

After recently launching a crypto custody service aimed at regulated investors, Coinbase said the funds would help it expand the range of services and support available for larger investors like banks and investment funds.

The $300 million follows $100 million raised in Series D last August, which saw the firm win the backing of high-profile Netflix investor Institutional Venture Partners.