Coinbase added $300 million to its value yesterday through the Series E round of financing that was a complete success. With this new investment, Coinbase is now valued at $8 billion, an astounding value for a cryptocurrency based company. With this new money entering, Coinbase has vowed to keep expanding into other countries and promoting cryptocurrencies all over the world.
Coinbase Added $300 Million To Its Value
Coinbase, one of the most recognized and important cryptocurrency exchanges of the world, has announced that they have earned more than $300 million dollars to reach its amazing valuation of $8 million. This was the result of the E round of financing, according to the info that they offer on its medium blog.
Luckily, the trust in Coinbase has not dwindled even a bit, even in times of price drops and with the current market moving sideways. But Coinbase has beaten the market, with investors like Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain.
This shows that cryptocurrency based services can still thrive without having the best market prices or the availability of listing hundreds of dollars. Coinbase focuses on compliance and ease of use that appeals to newcomers and middle of the road traders.
Coinbase has always been an expansive cryptocurrency startup, aiming to be in Japan during the next year. The president of Coinbase details the possible uses for this kind of money in the article: Expansion to other countries like Japan, is of vital importance for the future of Coinbase; they refer to this subject as “building infrastructure between fiat and crypto in regulated markets around the world”.
Also, they seek to be able to list more currencies and have the logistics backup and the funding to do it. They declare in their medium post that:
“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;”
They mention also the intention of building real useful applications for cryptocurrencies, like their new partnership with Goldman Sachs based Circle that enabled them to list the new USDC stablecoin. Coinbase can really be a good actor here, channeling proposals and initiatives that could drive real adoption towards crypto assets.
And last but not least, to trigger institutions to invest in cryptocurrencies by building trust in its custody division called Coinbase Custody.
Coinbase Going Public?
Last week, Rand Neuner, a famous cryptocurrency CNBC anchor commented that it was likely for Coinbase to apply a Prospectus for an Initial Product Offering. While no one said anything about it, this new equity funding could be directed in that way: to convince potential investors that the company has a serious and solid base for investing in it.