SAN FRANCISCO — Coinbase, which operates a cryptocurrency trading platform, has raised an additional $300 million Series E investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. 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 said it will use this financing to accelerate:
- Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;
- Offering more crypto assets, quickly — we see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future;
- Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet; and
- Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space.
Coinbase was founded in 2012 and says it has more than 20 million members and over $150 billion in cryptocurrency traded.