Coinbase, the cryptocurrency exchange operator, has raised a fresh round of funding that gives it a valuation of more than $8 billion.
According to a Coinbase blog post, the company raised $300 million in a Series E round of funding led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. The latest round of funding implies investors are still interested in the cryptocurrency market despite the steep declines in the price of many of the digital tokens.
"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," wrote Asiff Hirji, president and COO of Coinbase, in the blog post.
Coinbase said it will use the financing to speed up its global expansion by building the infrastructure between fiat and crypto in regulated markets around the globe; offer more crypto assets quickly, including hundreds that could be added to the platform today; implement utility applications for crypto, such as the recently announced support for a stablecoin (USDC) on Coinbase and its continued development of Coinbase Wallet; and bringing institutions into crypto by adding features and crypto assets to its Custody offering to bring more institutional funds into the space.
"Coinbase is, and will remain, a crypto-first company. More than anything, we’re proud of the millions of people [who] have turned to Coinbase as their entry point into crypto," said Hirji. "We take that responsibility very seriously. We strive to be the easy, trusted way for anyone to get started with cryptocurrencies. We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world."