Coinbase, the blue-eyed boy of cryptocurrency exchanges, is reportedly closing a deal that would propel it to a value of $8 billion.
Technology portal Recode, spoke to “people familiar with the matter who said, “The company is in talks with Tiger Global and its current shareholders for an investment of up to $500 million. Coinbase is expected to add about $250 million in new money to its own coffers, the people said, and as much as $250 million more could go to buying out existing investors, though the exact amount has yet to been determined.”
Tiger Global Management is an investment fund that was founded in 2011, and invests in both- private and public markets.
Galaxy Digital crypto investment firm CEO Michael Novogratz had earlier stated that reported negotiations on cryptocurrencies such as bitcoin were more than just ‘tulip mania.’ Novogratz had reportedly said to CNBC, “Here’s the poster child (Coinbase) of the crypto space worth $8 billion — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”
As per CNBC’s report, a deal with Tiger Global would make the cryptocurrency exchange Coinbase, one of the most valued startups in the United States of America.
Recently, in a bid to increase awareness and convenience, COinbase announced a new product- Coinbase bundles. As earlier reported by Crypto-News India, Coinbase Bundles, is a new kind of crypto ETF that can be bought by retail investors of cryptocurrencies.
The product will allow its buyers to purchase a market-weighted sample of five cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic. A bundle can be purchased for as little as $25, and there’s no maximum purchase size. Some daily limits have been put on a per-user basis, but besides that, there are not any limits on the maximum amount of bundles that users can purchase. The bundles will be stored in the Coinbase wallets of customers just like normally purchased coins, and the buyers will be able to sell them on the platform like they sell other coins.
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