The largest US cryptocurrency exchange, Coinbase, has raised $300 million in its latest round of funding, which gives the company a “post-money valuation of over $8 billion”, according to its estimations.
In a blog post published earlier today, Coinbase said that it had had complete a Series E round of financing that was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. The new funding will be used to accelerate the adoption of cryptocurrencies and digital assets.
To this end, Coinbase intends to use money in several ways. Some of the proceeds will fuel the company’s global expansion and its efforts to build the infrastructure between fiat and crypto in regulated markets around the world. The exchange operator also wants to prepare its platform to support “thousands” of crypto assets in the future. The company also plans to continue working on utility applications for crypto, such as the recently announced support for a stablecoin (USDC) and its continued development of Coinbase wallet.
Finally, Coinbase intends add more features and crypto assets to its custody offering, as part of its efforts to attract more institutional investors to the digital currency space.
Coinbase Custody was lunched in mid-May, as part of a suite of products aimed at institutions.
“Coinbase is, and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto,” Coinbase’s president and chief operational officer Asiff Hirji wrote in today’s blog post. “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,” he added.