The U.S. company said this Series E investment was led by Tiger Global with participation from Y Combinator — via its Continuity fund — in addition to Wellington Management, Andreessen Horowitz and Polychain among others.
The deal takes Coinbase to $525 million from investors to date, while the valuation represents a huge jump on the $1.6 billion it was deemed to be worth when it previously raised — that was $100 million back in August 2017.
The company has made a big push in the past year to broaden its services from consumers to catering to institutional investors, and it said that it plans to use this new capital to continue that strategy.
In addition, the firm plans to broaden its focus outside of the U.S. to offer fiat-to-crypto exchanges services in other parts of the world. That’s in line with other exchanges, including Binance. Initially famous for crypto-to-crypto trading, Binance, the world’s largest exchange based on trading, has plans to open at least 10 fiat-to-crypto exchanges worldwide by the end of next year.
The capital will go towards “the groundwork to support thousands” more tokens in the future — Coinbase currently allows trading to just a handful of cryptocurrencies — while it is aiming to launch more ‘utility applications’ such as the recent USDC stablecoin that it rolled out earlier this month.
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Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.