Cryptocurrency wallet Coinbase which allows users to trade bitcoin online is set to raise up to $500 million from Tiger Global. As per Recode, the reported funding will come at a valuation of $8 billion. Coinbase’s last valuation was noted as $1.6 billion when it had raised $100 million in August last year which was led by IVP and other investors.
Interestingly, the California based startup counts some top names as their investors that include Andreessen Horowitz, Ribbit Capital, Union Square Ventures, IVP, Spark Capital, Greylock Partners, Battery Ventures, Section 32, Draper Associates and several others. It has raised about $225 million in equity funding to date.
The company was started by Briand Armstrong and Fred Ehrsam in 2012. It is one of the leading platforms which allows the buy and sell of digital currency online. The company made a few very important hiring recently as it might be planning to go public in the US market.
Chris Dodds had recently joined the board of Coinbase. He already serves as a board member of Charles Schwab. Brian Brooks, former Fannie Mae executive also joined the company as the chief legal officer while LinkedIn exec Michael Li joined the company as the data head. Former Instinet CEO Jonathan Kellner was the latest entry who has joined the platform as the managing director of institutional coverage group.
On the other hand, Tiger Global is on a spree right now. As per Pitchbook, the hedge fund platform has participated or led in about 24 venture capital rounds. The platform is known to have backed some of the top companies like Spotify, Ola, and Flipkart where it writes the big cheques. The company had recently infused $245 million in payments startup Stripe.
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