Coinbase soon to valued as an $8 billion startup

Coinbase soon to valued as an $8 billion startup

Coinbase is in the final stages of closing on a deal that would see the company’s value stand at about $8 billion, making it one of the highest valued start-ups in the United States.

A $500 million investment

With this deal, Coinbase continues to make further strides in the cryptocurrency space, as well as convincing conventional financial bodies warm up to its operations. According to sources close to the deal, Coinbase is in talks with Tiger Global, a notable New York-based investment firm for a $500 million investment. Although the exact amount is yet to be announced, Coinbase is rumoured to add $250 million of the 500 to its own coffers. The other $250 million is expected to be used to buy out current investors.

Tiger Global

Tiger Global has hitherto been known to gravitate towards closing deals with consumer-based brands all over the world, but this will be the first time it has shown interest towards a cryptocurrency or blockchain technology-based venture. The general interest in such technologies seems to be increasing by the day, particularly within mainstream investors.

An upcoming IPO?

There have also been additional rumours that Coinbase is ramping up towards an IPO, given the increasing valuation of the company, the impending launch of its second HQ in Portland, Oregon, and the bringing on of Chris Dodds (an experienced traditional broker from Charles Schwab) to its board.

Large scale expansion

The closing of this deal will see Coinbase valued at about $8 billion, which is roughly the same price value at which Coinbase valued itself earlier this year in an investment round with Coinbase has announced an incredible amount of news as of late, even during a rather a rather bleak period for the cryptocurrency market. Although the general sentiment amongst investors has still been relatively poor in comparison to late 2017, the community seems to be extremely receptive of Coinbase’s achievements as of late. All this positive news has also come off the back of the news that Facebook’s Davic Marcus would be leaving the independent Director position at Coinbase.

Coinbase has recently announced that it has continued to remain profitable, and has been in constant talks with investors for the better part of 2018 regarding a secondary stock sale.

By Invezz Newsdesk
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