One of the most popular cryptocurrency exchanges,Tahong the U.S.-based Coinbase, announced on Tuesday that it has raised $300 million in a new round of financing.
The round, led by Tiger Global Management, values the company at more than $8 billion.
SEE ALSO: Sudden price drop shows largest 'stablecoin,' Tether, isn't so stable after allY Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain also contributed to the funding round, among others.
Coinbase says it will use the funds to accelerate global expansion, introduce more crypto assets to its platform and continue development of utility applications in the space, such as its recently announced USDC stablecoin and the Coinbase Wallet. Finally, the company plans to bring more institutional funds into the crypto space.
This Tweet is currently unavailable. It might be loading or has been removed.
"We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world," the company said in a blog post.
Coinbase has been growing like a weed when Bitcoin and Ethereum prices were raging early this year. But even when the prices pulled back, Coinbase continued to expand, having recently introduced a stablecoin, adding new cryptocurrencies to its platform, and launching new tools for institutional and professional investors.
The result of that expansion is that $8 billion valuation -- as TechCrunch notes, it's a huge increase from the $1.6 billion the company was valued in August 2017.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
Topics Cryptocurrency
Apple Intelligence appears to post false BBC headline saying Luigi Mangione shot himselfBest PS5 deal: Save over $75 on 'Fortnite Cobalt Star' bundleHow to unblock Xnxx for freeBest free deal: Get one month of YouTube Premium for free through Best BuyNYT Strands hints, answers for December 17Best TV gift card deal: Save $300 at Best Buy and get a $100 gift card for freePew study: Nearly half of U.S. teens say they're online 'almost constantly'The 21 best TV episodes of 2024, and where to stream themAtlanta Hawks vs. Milwaukee Bucks 2024 livestream: Watch NBA onlineLeinster vs. Clermont Auvergne 2024 livestream: Watch Champions Cup for freeX's declining user base: Platform projected to lose millions of users in 2025The Sony WFNYT Connections hints and answers for December 15: Tips to solve 'Connections' #552.New Jersey drones updates: What we know, what we don’t.NYT mini crossword answers for December 15NYT Connections Sports Edition hints and answers for December 17: Tips to solve Connections #85Bears vs. Vikings 2024 livestream: How to watch NFL onlineBest free online courses from University of MichiganBills vs. Lions 2024 livestream: How to watch NFL onlineBest mesh WiFi deal: Save $105 on Amazon eero 6+ mesh WiFi router This tiny detail in 'The Dark Tower' trailer may mean the end of a popular fan theory Facebook is so, so close to 2 billion users 'Dota 2' tournament organizer issues apology after airing creepy video of women This quirky new t The Defenders trailer is full of clues for Netflix's new Marvel show Tesla to open new company UberEATS starts serving in India, its fourth Asian market Holy crap, there's a backspace function on the iPhone calculator Comic beautifully shows why we can't accept facts contrary to what we believe Adorable Maori toddler charms the internet with passionate haka dance Fyre Fest gets burned with another class action lawsuit because of course it did How to disable autoplay videos on Netflix Emma Watson offers exam advice to surprised Filipino fan via FaceTime Watch NASA's spectacular home movie of the first dive between Saturn and its rings Use the farce, Luke: Mark Hamill is the prankster we need This guy paid an expired meter and left a perfect note for the motorist Snap may finally have a good answer to the Facebook question You can add Reactions to Facebook comments Stephen Colbert to reunite the 'Best f*ckin news team ever' on 'The Late Show' With the Surface Laptop, Microsoft leads the PC industry back into the light
