San Francisco-based cryptocurrency giant Coinbase has closed a Series E financing round, raising $300 million at a valuation north of $8 billion.
We’re pleased to announce our latest funding round, led by Tiger Global Management. We plan to accelerate our global expansion and investments in the utility phase of crypto—always working to create a more open financial system for the world. Read more: https://t.co/JzGlMGLjaC
— Coinbase (@coinbase) October 30, 2018
According to the announcement, the investment round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain.
Coinbase plans to use the injection of capital to further expand its global footprint, especially among institutional clients, where it will focus on its Custody offerings to further drive adoption. Coinbase Custody recently obtained a license under New York state banking law, a major step for the company’s US-based operations.
Notably, the announcement also revealed that Coinbase currently sees hundreds of different altcoins as potential candidates for listing across its trading products.
“Offering more crypto assets, quickly — we see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future,” said Coinbase.
Despite the slump in trading volume, recent reports indicate that Coinbase is projecting revenue for the year of nearly $1.3 billion, a jump from 2017 revenues of just under $1 billion.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.