On October 30, Coinbase, the world’s largest cryptocurrency exchange in terms of the number of users, announced new details about the Series E round of funding that is “aimed to accelerate the adoption of cryptocurrencies”. The announcement revealed that the funding will be led by Tiger Management, with other members being Wellington Management, Andreesen Horowitz, Y Combinator Continuity, Polychain, among others.
Coinbase has also stated that the exchange will be pooling in another $300 million into the IPO, valued at $8 billion. The exchange has released a detailed list of goals that it plans to achieve and accelerate.
One of the major goals, as stated by the company, is to build a bridge between the fiat currency market and the cryptocurrency market. This, according to the company, will make transactions between the two systems faster and much more seamless.
Coinbase has said that bringing institutional investors into the field of cryptocurrencies will provide a big boost towards mainstream adoption, and plans to integrate Coinbase Custody with other institutional parties.
The platform was also in the news for creating a system to list cryptocurrencies on the platform and the new report released by Coinbase also mentions adding ‘thousands of cryptocurrencies’ on the platform.
The platform has also elucidated on making features like the Coinbase wallet much more sustainable and accessible.
Coinbase went on to say:
“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 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.”
The new report comes in the wake of Ran NeuNer confirming Coinbase’s $8 billion valuation a few days back. The earlier report had informed users that the IPO will take place in two rounds, one comprising of common stock, while the other will be of preferred stock.