Coinbase President and COO Asiff Hirji took to Medium minutes ago, announcing the crypto bank/exchange “will add an additional $300 million of investment at a post-money valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets.”
Coinbase Raises Series E Round of Financing to Accelerate the Adoption of Crypto
It’s hard to keep up with arguably the crypto bank/exchange most responsible for onboarding more folks to digital assets, decentralized money than any other company. CoinSpice.io is locked to the company’s blog, as it appears nearly every day they’re breaking new records of one kind or another.
“The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others,” Hirji detailed.
Any news of this sort should always be met with a cautious reading eye, but Coinbase has maintained a fairly clear goal since its inception. Hirji continues, “we believe that cryptocurrencies and the technologies that power them represent a breakthrough in computer science that will change both the internet and the global financial system for the better. We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3), which has the power to put control back in the hands of consumers, unleash a new era of innovation, and offer greater access to economic opportunities to more people around the world.”
And while it’s corporate jingoism for sure, the ecosystem veteran outfit does have the walk to back up that talk. Plans for the allocation include a “building the infrastructure between fiat and crypto in regulated markets around the world,” along with offering more cryptocurrency options from among the half dozen presently on the platform.
They’re also doubling down on something of a controversy within the space, announcing more will be done in the area of what they term ‘utility applications,’ “ like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet.”
The bank recently earned the imprimatur of New York state’s regulator, and so it’s only natural it boasts of bringing “institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space.”
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