Coinbase is quickly establishing itself as the biggest possible player in the crypto exchange industry. After it raised another $300 million in funding, its value reached an incredible $8 billion.
Coinbase published a blog post saying that the company went on to raise a major new investment, with post-money valuation reaching $8 billion. Some of the companies that are said to have invested are Polychain, Andreessen, Wellington Management and Y Combinator Continuity. The new funding practically appeared as Coinbase is working at driving adoption of digital assets and cryptocurrencies.
According to the company, Coinbase will use the funds to expand internationally and develop an infrastructure that will support exchange services.
It is also added that more crypto assets are going to be offered. The official statement is that the company is looking at the future, saying “we will lay the groundwork to support thousands in the future.” This practically relates to hundreds of cryptocurrencies.
Coinbase also wants to work on extra utility applications for crypto-coins. This is in relation to Coinbase Wallet and USDC stablecoin. In the mentioned blog post, the company stated:
Coinbase is, and will remain, a crypto-first company. 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.
Based on the recent deal that appeared, Coinbase was capable of raising over $500 million until now. Series E funding raises are just the latest that were announced. Series D saw huge investments, with IVP (Institutional Venture Partners) leading the way. This is a company that invested in big names like Netflix and Dropbox.
On the whole, Coinbase is gaining a lot of popularity. Some argue that this can lead to a monopoly and that it is not at all good for the crypto industry while others praise the work that the company does. Only time will tell if this is going to be a good thing but nobody can deny the fact that we are talking about huge changes that are just round the corner.