As it seeks further funding, Coinbase’s value has rocketed…
It was towards the end of last week that rumours began to intensify of an IPO for major cryptocurrency exchange Coinbase being imminent. And it’s now been confirmed that the exchange is embarking on a fresh fundraising round that’s looking to raise in the region of $300m.
It’s described as a ‘series E round of funding to accelerate the adoption of cryptocurrencies’, and in the official announcement, it’s confirmed that it’s looking at global expansion, adding more cryptocurrencies to its platform and adding them quicker, plus trying to attract more institutional funds into the market.
It’s confirmed that it plans to remain a “crypto-first” company, but it’s clear too that it’s going one eye on traditional fiat markets too.
The $300m investment round is being headed up by Tiger Global Management, and there’s an eye-watering number at the heart of it. For in the midst of the details Coinbase has put out comes the amount at which the company is valued.
In a year where cryptocurrencies have generally seen their prices fall, Coinbase’s has shot up. It’s now said to be worth at least $8bn, and possibly more. A staggering amount of change.
Coinbase added in its statement that “we see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world”.
What’s also clear is that Coinbase wants to cement itself as a major player at the heart of that, and that also, if it can find a way to spider across both crypto and fiat, its valuation has plenty of ceiling room left.
Here’s the official announcement.