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Laxman Pai, Opalesque Asia: U.S. crypto exchange and wallet provider Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets.
According to a press release from the San Francisco-based cryptocurrency exchange, the Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
Coinbase plans to use the funding to "accelerate the adoption of cryptocurrencies," as it plans to remain the "entry-point into crypto" for millions of investors, it said.
The deal takes Coinbase to $525 million from investors to date, while the valuation represents a huge jump on the $1.6 billion it was deemed to be worth when it previously raised - that was $100 million back in August 2017, according to Techcrunch.
The digital asset platform has made a big push in the past year to broaden its services from consumers to catering to institutional investors, and it said that it plans to use this new capital to continue that strategy.
The latest investment coincides with the company's rapid expansion. San Francisco-based Coinbase is opening an office in Dublin to complement its office in London. The company has also branched out with locations in New York and Tokyo.
Coinbase received a trust charter from the New York Department of Financial Services o...................... To view our full article Click here
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