Coinbase, long one of the largest companies in the crypto industry, now ranks among the world’s most valuable tech startups following the conclusion of a new funding round.
The San Francisco-based cryptocurrency exchange operator announced on Tuesday that it had closed a $300 million Series E funding round led by . The funding round, which Coinbase President & COO Asiff Hirji said gave the company a valuation of more than $8 billion, also featured participation from Y Combinator Continuity, Wellington Management, , and .
Writing in the , Hirji said that Coinbase, which recently a new crypto token listing framework, plans to “quickly” list more cryptocurrencies, adding 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.”
Speaking with , he said that Coinbase did not need the funding, as it achieved a record $380 million in profit in 2017 and — despite the bitcoin bear market — estimates that profit will grow to $456 million in 2018 with revenue approaching $1.3 billion.
“The companies interested in investing in us know that this is the next wave of tech innovation,” he told the publication. “This was an opportunistic round. We didn’t have to go out and raise capital.”
Reports had long that Coinbase had internally valued itself at $8 billion, though this valuation had not been confirmed by the market — until now.
Previously, Recode had that Tiger Global was considering a $500 million investment in Coinbase, with at least a portion of those funds being used to purchase shares on the secondary market.
Developing…Check back for updates.
Featured Image from Facebook via Tech Crunch
Follow us on or subscribe to our newsletter .
Published at Tue, 30 Oct 2018 12:34:44 +0000
