VC Watch: Digital Currency Exchange Coinbase Raises $100 Mln
Coinbase Raises $100 Mln Coinbase has raised $100 million in funding, giving the cryptocurrency exchange a post-money valuation of $1.6 billion. The latest funding round makes the company a unicorn, a start-up having a valuation of $1 billion or more.
The Series D funding round was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Coinbase has previously raised a total of $106 million.
According to Coinbase, it has now exchanged over $25 billion of digital currency for its customers. The company, founded in 2012, plans to use the new funding to expand even further.
Coinbase said it will increase the size of its engineering and customer support teams as well as open a GDAX office in New York City. It will also invest in Toshi, a browser for the Ethereum network, to help accelerate digital currency’s shift from speculative investment to global payment network.
Coinbase Raises $100 Mln
“Digital currencies are having their ‘Netscape’ moment. The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies. We’re beginning to transition into phase three of our secret master plan,” Brian Armstrong, Co-founder and CEO of Coinbase said.
Currently, Coinbase is a digital currency company with support for Bitcoin, Ethereum and Litecoin in 32 countries.
Earlier in August, Coinbase rejected the new Bitcoin Cash after digital currency Bitcoin’s much-anticipated split into two and said its systems cannot support it. According to Coinbase, it would be time-consuming and expensive to create secure infrastructure to trade bitcoin cash.
However, Coinbase later said it plans to have support for bitcoin cash by January 1, 2018.
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