After concluding its Series E funding round, Coinbase is now worth $8 billion
Coinbase successfully acquired $300 million through its latest investment round. Andreessen Horowitz, Polychain Capital, Wellington Management, and Y Combinator Continuity are among those who participated in the equity funding. The round was led by Tiger Global Management.
Investments for Accelerating Crypto Adoption
The exchange will utilize the obtained funds to enable the exchange to support more cryptocurrencies in the future. It will also be used to develop its services worldwide.
According to Coinbase, to achieve global expansion, the exchange company will build infrastructure in crypto regulated territories that will bridge fiat and cryptocurrencies.
Coinbase also plans to further develop their native wallet, the Coinbase Wallet.
Attracting New Institutional Investors
Coinbase will strengthen its custody service to draw additional institutional investors. It will do this through increasing the number of digital assets offered in their custody service and by including new features to it.
Series D Funding Round
In their previous investment round, the exchange raised $100 million overall.
Recent Coinbase Updates
Early this October, the platform’s custody services for BTC, BCH, ETH, ETC, LTC, and XRP was approved by the New York State Department of Financial Services (NYDFS).