In a bid to accelerate the adoption of cryptocurrencies and digital assets, San Francisco-based cryptocurrency exchange service provider Coinbase Inc. has raised an additional US$300 million thanks to Singapore’s GIC Pte., sending the former’s valuation to over US$8 billion.
Operating as an online financial services company, Coinbase stated it had garnered investment commitments in the Series E funding round last October from Tiger Global Management, Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain, among many others, as part of the company’s fundraising program called Paradigm.
With increasing worldwide competition to acquire digital assets, GIC has joined hands with a group of knowledgeable, sophisticated investors, including Yale University. Yale, which has the second-largest endowment in higher education, is making its presence known in the crypto industry. This despite the fact that a large number of institutional financial executives have been avoiding and even rejecting digital assets, as most of them are unregulated and some have been used to fund illicit trade and other illegal activities.
GIC, which has invested in a wide range of assets from government bonds to private equity, owns no less than US$100 billion in digital assets across more than 40 countries.
Coinbase estimated that the funding of US$300 million gave the company a post-money valuation of over US$8 billion, making it one of the world’s most valuable startups. The company’s milestone is impressive, given last year’s crypto price slump.
According to Coinbase, funds are being put toward international expansion and building infrastructure that streamlines its exchange services.
Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact using digital currencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Bitcoin is the world’s most widely used alternative currency, with a total market cap of over US$100 billion. The Bitcoin network is made up of thousands of computers run by individuals all over the world.
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