Coinbase Receives A New $8 Billion Valuation, Raises $300 Million In Funding Round

In the latest crypto news, we have the giant Coinbase and its recent $300 million raise in a Series E funding round that was led by Tiger Global Management. Some of the other firms that participated in the round included Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain – in an investment that secured a valuation of around $8 billion for Coinbase.

Currently, the large investment that is interesting in the context of dwindling USD volumes on Coinbase. According to a piece of research by one cryptocurrency newsletter named Diar, Coinbase has reported a greater volume in the first quarter of 2018 than it did in the second and third (Q2 and Q3) combined. However, we have to keep in mind that the cryptocurrency bear market here took its toll as well.

Despite the low volume, Coinbase is still projecting $1.3 billion in revenue and more than $456 million in profit this year, as a report from Bloomberg noted.

The COO of Coinbase, Assif Hirji, briefly summed up the news:

“For this round, we simply weren’t interested in taking investments from firms that didn’t have a constructive view of crypto. This round, and the future of crypto in general, needs to be about more than asset prices.
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Recently, Coinbase announced a new asset listing process that may rapidly expand the selection of cryptocurrencies added to the platform. The company also decided to back USD Coin (USDC), which is a dollar-pegged stablecoin developed by a consortium that is ran by the fintech startup Circle.