Oct 30, 2018 at 13:00
Oct 30, 2018 at 17:14 UTC
Tiger Global Management Leads Group That Will Give Massive Finance Boost To Coinbase
Coinbase, the digital currency exchange which is based out of San Francisco, California, has announced today that they will be receiving investments in the Series E equity round from prominent companies. The investment that is expected is $300 million, which will bring up their post-money valuation to something over $8 billion.
This round of investment is being led by Tiger Global Management, which is an American investment company and/or hedge fund based in New York, founded by Julian Robertson. It invests both in private and public markets. Most of the firm’s investments have been centered around global Internet, technology, telecom, media consumer and industrial sectors. The company has offices in Hong Kong, Singapore, Bangalore and Melbourne.
Other financing companies who are participating in this are Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
Coinbase is expected to use this investment to further improve their ecosystem. They already have ideas as to which are the domains they could improve with this investement. Those are:-
- Increasing Universal Reach- Coinbase would like to expand on a global basis and for that they need to build infrastructure between the various fiat and crypto markts across the world. This money could help them build new infrastructure and hire manpower.
- Supporting more cryptocurrency listings- Coinbase says that there are a lot of cryptocurrencies out there that could be added to their platform if they have the money to supoort them. This could be that money that allows them to offer more crypto.
- Integration of institution in the crypto industry- If more institutional funds came aboard the crypto industry, then it would be a massive boost for the industry. Coinbase plans to do just that by adding more crypto assets and additional features to their Custody.
Recently Coinbase has been in the news for adding support to Circle USDC, post the news of its collaboration with Circle broke.
Asiff Hirji, the President & COO of Coinbase said,
“Coinbase is, and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. We strive to be an 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.”