San Francisco-based cryptocurrency exchange operator, Coinbase, has announced plans to use its Series E funds to ensure that it lists over more than hundreds of token on its platform.
According to a publication released on Tuesday, October 30 by Coinbase President and COO Asiff Hirji, the exchange had closed a USD 300 million Series E funding, led by American hedge fund firm, Tiger Global Management.
Other participants in the funding round include Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain Capital.
The latest funding round reportedly lifted the company to a valuation of more than USD 8 billion, and this would further create room for the listing of more cryptocurrencies on its platform according to the COO.
Today, we’re pleased to announce that Coinbase will add $300 million of investment at a post-money valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets, Hirji said.
Plans to Further Strengthen Coinbase
In an interview with Bloomberg on Tuesday, Hirji said the primary purpose of the funding project was for “opportunistic” reason, considering the fall in the prices of cryptocurrencies since the inception of the year, which had seen a massive drop of over 80 percent decline in transactions on its platform.
While Coinbase’ funding round was ongoing, the value of cryptocurrencies was still sinking. Reports suggest the company was planning to raise money at an even higher valuation, but the decline in the price of Bitcoin weighed on those conversations.
Aside from listing more tokens, Coinbase intends to use the funds to accelerate global expansion; this would see the exchange create the necessary infrastructure between fiat and crypto in regulated markets around the world.
The exchange also intends to add new features for supported cryptocurrencies to its institutional platform. This will include Utility applications for cryptos especially for newly launched stablecoin (USDC) and the continuous development of its mobile wallet among others.
While Coinbase has continued to thrive in the midst of the market decline, another exchange,29th ranked exchange, Bitstamp was sold to a Belgian investment firm NHMX.