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Leading cryptocurrency exchange Coinbase has announced that it has raised $300 million in a Series E funding round led by Tiger Global Management.
Asif Hirji, President and COO, Coinbase, made the announcement via the company’s official blog post. He said that the investment gives Coinbase “a post-money valuation of over $8 billion.”
The funding round also saw participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
Last year, the company raised $100 million in Series D funding led by IVP, and participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32, and Draper Associates.
Hirji said that the company plans to use the funding in four key areas:
- "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."
