Coinbase raised its valuation to $8 billion after a new funding round. According to a blog post, the cryptocurrency exchange announced the addition of $300 million of investment to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round was led by Tiger Global Management, while Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others also participated.
According to Coinbase, the investment will serve to accelerate:
Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;
Offering more crypto assets, quickly — 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;
Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet; and
Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space.
As part of their global expansion plans, just last month Coinbase announced the addition of British Pound (GBP) for trading pairs. According to the company, the plan is to keep on expanding and adding more trading pairs for locals of each country. Furthermore, Coinbase also announced a new process to list digital assets in compliance with local law and available for specific customers. As explained by the crypto exchange, the process will begin with a form for issuers to submit their assets for listing and will require no fees at first.
Coinbase also obtained a license under New York State Banking Law to operate as an independent Qualified Custodian, which will enable the storing of large amounts of cryptocurrencies for customers. Coinbase Custody Trust Company will offer its customers a trusted storage service, stored offline and protected by industry-leading security practices and insurance.
The new funding round comes in just days after the biggest U.S. cryptocurrency exchange announced its partnership with Circle to launch a stablecoin, USDCoin. It appears Coinbase is warming up the scene for institutional investors to join in, with the pending decision from the SEC in November, it looks like the crypto exchange is preparing its platform in case of approval.
