Investors Sound Off on Coinbase’s Record-Setting Fundraising
CoinDesk takes a look at how Coinbase's investors are framing their participation in today's record-setting fundraising.
Jan 20, 2015 at 8:40 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/E5U2AROFZBF7ZB33CQGV5QHULA.jpg)
Bitcoin services provider Coinbase announced today that it had closed a $75m Series C funding round from a host of notable investors – to date the largest round raised by any company in the industry.
The confirmation of what had been rumored to be bitcoin's largest-ever funding round inspired widespread reaction on social media, and also had a positive correlation on the CoinDesk Bitcoin Price Index.
The price of bitcoin rose to $212.99 on the news, up from $205.15 at 14:00 UTC, the time of its publication on the Coinbase blog. A similar spike was also observable in CNY markets.
Following the news, a number of the investors offered comment on the funding round and provided insight into the motivations behind the participation of their respective firms.
Unsurprisingly, most framed the funding as good news for bitcoin, the industry as a whole and for the technology to spread to new markets:
Meyer 'Micky' Malka, founder, Ribbit Capital
Fred Wilson, co-founder, Union Square Ventures
Jay Reinemann, executive director, BBVA Ventures
Tom Farley, president, The New York Stock Exchange
Tim Draper, founding partner, DFJ Growth Fund
Other investors including Andreessen Horowitz, DoCoMo and USAA, as well as former Citigroup CEO Vikram Pandit and former Thomson Reuters CEO Tom Glocer have yet to comment on the news.
Images via CoinDesk
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