Cryptocurrency exchange Well-Capitalized with Whooping $300 MillionOctober 31, 2018
Coinbase is all set to work its position to be a major player in the cryptocurrency industry.
The official announcement from Asiff Hirji, the president and COO of Coinbase stated that the global financial system would be changed for better aided by the breakthrough in technology and as well by the cryptocurrency.
He stated that the next phase of the internet would be built by the cryptocurrency to name it Web 3. He further added that the cryptocurrency had got a lot of power to put control back into the hands of the customers in order to start off with a new era of innovation. This, in turn, will provide with greater access to economic opportunities across the world.
Asiff Hirji stated, “Coinbase will be further adding $300 million in investment, which will be valued at $8 billion to speed up cryptocurrency and digital assets adoption”.
This round of Equity is known as Series E equity round. Tiger Global Management is leading equity round with participation from players like “Y Combinator Continuity, Andreessen Horowitz, Polychain, and Wellington Management” according to the official publication.
The financing will be invested to accelerate the global expansion process which will be done by investing in the required infrastructure in order to facilitate the exchange between fiat and cryptocurrency between different countries.
There is lot of groundwork in place to support different types of cryptocurrencies, a part of the funds will be used for this purpose.
The support for Stable coin will be provided on Coinbase in order to facilitate the utility applications for the crypto. The Coinbase wallet will be continuously developed.
Funds will also be invested to bring in institutional investors into space. The features that are required for custody offering and crypto assets will as well be included.
The company is ambitious to continue to remain the first crypto company. The company is proud of millions of people who are making it to Coinbase to make it as their point of entry into the crypto world.
The company takes the responsibility of being accountable, easy and trustable for anyone who is looking to get started with cryptocurrencies. The growth of Coinbase is proof that the cryptocurrency ecosystem will continue to grow in size influence and impact. This will eventually lead to a financial system that is more open for those investors seeking to transact in cryptocurrency.
It is seen that there is a lot of room for the crypto to grow. The new valuation of Coinbase is pretty shiny. The Series E-trading is 3 times more than what the company raised with Series D. That is a lot of money. And, Coinbase is continuing to be the company that every investor would want to invest in.