The value of Bitcoin has dropped drastically this year, but the value of the crypto-exchange Coinbase is going in the opposite direction.
New Deal, Higher Growth
The San Francisco-based company recently announced a $ 300 million round of financing, bringing the value of Coinbase to $ 8 billion, making it one of the highest rated crypto exchanges in the United States.
The new round of financing (Series E) was led by Tiger Global Management, which included venture capitalists Andreessen Horowitz, Y Combinator Continuity, Wellington Management, and Polychain.
Coinbase plans to use the Series E to “accelerate the adoption of cryptocurrency and digital assets,” Coinbase President and Chief Operating Officer, Asiff Hirji, said in a statement.
Despite Course Lows No Stopping
Coinbase, ranked tenth in the 2018 CNBC Disruptor 50 list, was certainly in the right place at the right time, when Bitcoin rose over 1,300 percent last year to nearly € 16,000.
However, bitcoin and other cryptocurrencies have since lost more than 65 percent in value as interest has eased. But Coinbase has invested in a master plan designed to attract institutional investors. This year a number of offers have been launched for professional investors. One of them, Coinbase Custody, received regulatory approval from the New York Finance Department last week.
Coinbase recently teamed up with Circle to support a US dollar-based cryptocurrency known as “stablecoin.” Coinbase said it focused on bridging the gap between fiat money and cryptocurrencies in regulated markets and expanding its deposit offerings “to bring more institutional money into space.”