U.S.-based cryptocurrency exchange Coinbase has just announced $300 million in new funding.
According to a blog post published Tuesday, the firm said that the Series E equity round was led by Tiger Global Management, while Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and more also participated.
By its own calculation, the major investment gives the company a "post-money valuation of over $8 billion" as part of its mission to drive adoption of cryptocurrencies and digital assets.
Going forward, Coinbase said the funds will be put toward international expansion and developing infrastructure to support its exchange services.
Additionally, it plans to offer more crypto assets, eyeing "hundreds of cryptocurrencies" that may be supported by the exchange platform. In the future it added, "we will lay the groundwork to support thousands in the future."
The firm also plans more "utility applications" for cryptocurrencies, citing the examples of its recently launched support for Circle's USDC stablecoin and the Coinbase Wallet.
The firm stated in the post:
With the new deal, Coinbase has raised more than $500 million to date.
Last August, Coinbase brought in $100 million in a Series D funding round, which gave it a reported valuation of $1.6 billion at the time. That round was led by Institutional Venture Partners (IVP), an investor in firms like Dropbox and Netflix.
Image Credit: Sharaf Maksumov / Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.