After maintaining a studied silence over its future plans, unmindful of speculations, cryptocurrency exchange Coinbase finally broke its silence. In a blogpost, the president of Coinbase, Asiff Hirji stated, “Coinbase will add an additional $300 million of 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.”
Talking about crypto and blockchain which is often referred to as Web 3, Hirji opined that the technology has put the power back into the hands of people, offer greater access to economic opportunities as well as unleash an era of innovation.
Stating that the exchange would always have a policy of “crypto-first”, Hirji said that the fund would primarily be used to build fiat and crypto infrastructure in regulated markets around the world, offering more cryptocurrencies, faster, develop the Coinbase wallet and support for the recently launched USDC and make financial institutions a part of this world.
Although earlier Ran Neuner broke the news of a possible Coinbase IPO, we had been very skeptical about the development. Now, it emerges that it was not completely true. However, the news about the exchange looking to raise $500 million at a valuation of $8 billion. Although the exchange could not raise its initial quoted amount, $300 million was no mean feat. As per our earlier report, the amount was purportedly to be raised in 2 rounds – one round of preferred equity, and another of common stock. However, at the time of writing this article, there is no concrete proof of this. Coming days will tell us if there is indeed any truth to this news or not.
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