Coinbase has multiplied $ 300 million into a new round of financing that brings its post-money valuation to $ 8 billion, according to an official post published today, October 30th.
The Series E round of equity financing was reported by the investment company Tiger Global Management, with the participation of several well-known supporters for their investments in cryptographic space, such as Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain, among others .
According to Coinbase, the funds will be used to "accelerate" the adoption of cryptocurrencies, with plans to build infrastructures to support globally regulated fiat-crypto trading and lay the groundwork for the support of "thousands" of new cryptos in future.
The financing will also be invested in the further development of Coinbase's proprietary portfolio and in the creation of new "utility applications", such as the recent move of the stablecoin launch platform, called USDCoin (USDC), together with the technology company blockchain Circle.
Finally, Coinbase intends to continue loosening the exposure of institutional investors to the crypto: the company made the May uprising claim that an improved infrastructure and diversified offers could "unlock $ 10 billion in institutional investor money sitting in the margins ". To this end, today's post aims at plans to add functionality and new cryptographic resources to its existing custody solution, which has opened up for businesses this July.
In mid-June, the Coinbase Index Fund opened up to large-scale "accredited" investors for investments between $ 250,000 and $ 20 million.
Today's news confirms the rumors that emerged for the first time at the beginning of October, and that explicitly defined Tiger Global as probable that it would soon conclude an agreement with the exchange. As reported at the time, Tiger Global Management is an investment company founded in 2001 that invests globally in both public and private markets.
Speaking of the then unacknowledged deal that already suggests an $ 8 billion watershed valuation, the CEO of the Galaxy Digital Encrypted Bank Mike Novogratz noted:
"Here is the son of cryptographic space worth $ 8 billion: this is a real company, and Tiger is not a shard of an investor, these are smart and experienced guys."