This week the bitcoin exchange and brokerage service, Coinbase, announced a successful Series D funding round raising $100M. The firm says it has experienced “unprecedented growth” this year and has exchanged over “$25 billion USD worth of digital currency.” Coinbase explains that it will use the new capital to further scale the company’s resources and services. The company outlines its plans with the money stating;
We will Increase the size of our engineering and customer support teams to improve the customer experience. Open a GDAX office in New York City, further investing in our ability to serve institutions and professional traders. And invest in Toshi, to help accelerate digital currency’s shift from speculative investment to global payment network.
The Series D funding round was led by venture capital firms such as IVP, Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Coinbase says they are “fortunate” to be working with IVP who has invested in successful companies like Snap, Netflix, Twitter, Dropbox, and Slack. Toshi is a browser for the Ethereum network that aims to provide universal access to financial services. Coinbase says they are excited about the digital currency economy and the firm is entering into the next phase of their “secret master plan.”
Digital currencies are having their “Netscape” moment. The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies.
Coinbase has done well since its inception in 2012 raising a total of $217M in funding rounds from over 29 investors. The company has also been very popular with over 30M wallets used by close to 10M customers in 2017. The San Francisco company is now the first ‘Unicorn’ cryptocurrency startup with a market valuation of $1.6B.
Images via Shutterstock, and the Coinbase website.