Following the conclusion of a new funding round, Coinbase now ranks among the world’s most valuable tech startups.
The cryptocurrency exchange operator recently closed a $300 million Series E-funding round led by Tiger Global Management which gave the company a valuation of more than $8 billion, also featured participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain Capital.
Coinbase President & COO Asiff Hirji said, “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.”
The company stated that it did not require this kind of funding however when an opportunity presents itself, you take it. Coinbase 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,” Hirji told the publication. “This was an opportunistic round. We didn’t have to go out and raise capital.”
The firm intends to use this monumental funding to expand globally and add new features and supported cryptocurrencies to its institutional platform, which recently received approval from New York regulators to operate as a qualified custodian.
“For this round, we simply weren’t interested in taking investments from firms that didn’t have a constructive view of crypto,” Hirji said. “This round, and the future of crypto in general, needs to be about more than asset prices.”
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