Coinbase said in a blog post that the Series E equity round was led by Tiger Global Management, while Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and more also participated.
The firm says that by their own calculations, this investment raises their valuation to over 8 billion dollars. The investment will be used for international expansion and developing infrastructure to support its exchange services. They also said that they want to use the funds to continue their strategy to broaden its services from consumers to catering to institutional investors.
Also, Coinbase plans to offer more crypto assets, and is currently researching. Their aim is to support hundreds in the future. Coinbase currently allows trading to just a handful of cryptocurrencies, but it has long harbored ambitions to expand beyond that.
After Coinbase has launched support for Circle’s USDC stablecoin and the Coinbase Wallet, the firm plans to offer further ‘utility applications’ this like this in future.
In the post it also said:
“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.”
The CEO of the firm, Brian Armstrong, said that he would love to one day run a public company but it remains to be seen what Coinbase’s plan for an IPO is.