Coinbase Capitalization to Exceed $8B

Another financial round, headed by  Tiger Global Management, brought $300M to the company
30 October 2018   1336

The American cryptocurrency company Coinbase raised $ 300 million in the framework of a round of financing for the E Series, which was led by the American hedge fund Tiger Global Management. Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and other companies took part in financial round too.

Thus, according to the company's estimates, its capitalization has already exceeded $ 8 billion, and the annual profit at the same time, according to Bloomberg, may be about $ 1.3 billion.

Coinbase intends to use funds for global expansion, expansion of listing, development of various utilitarian applications and attraction of institutional institutions to the industry.

Company became the first unicorn in the cryptocurrency sphere after the closing of the round of financing for the Serie D in August 2017.

Earlier in the media it was reported that Coinbase could enter the IPO after another investment.

Coinbase to Pay $1M to Users of Collapsed Cryptsy

Acc/ to the plaintiffs' rep. Cryptsy CEO used Coinbase to launder money of exchange's customers, and Coinbase have should stopped this
14 January 2020   118

Coinbase has settled a dispute with customers of the cryptocurrency exchange Cryptsy that has ceased to exist, CoinDesk writes with reference to documents submitted to the court.

According to the decision, Coinbase will transfer $ 962,500 to the benefit of the escrow agent responsible for resolving the class action lawsuit against Cryptsy. Previously, plaintiffs have already managed to sue 11,325 BTC. A hearing will be held on April 17, 2020, at which it will be decided whether to approve the preliminary agreement or amend its provisions if necessary.

Brandon Leidel, representing the plaintiffs in this class action lawsuit, will receive $ 2,500 compensation for the work done. He sued in 2016, accusing Cryptsy CEO Paul Vernon of using Coinbase to launder millions of dollars owned by trading platform customers.

Leidel, a Cryptsy client in the past, claimed that Coinbase was supposed to actively discourage Vernon’s illegal activities. Coinbase referred to the terms of the user agreement that Vernon signed at the time of registration on the exchange. The court, however, ruled that Cryptsy's customers were not affiliated with Coinbase with the same agreement as Vernon.

When companies go out of business, founders flee the country and the amount at issue is relatively small, most plaintiff law firms would decline to pursue the case. We were the only lawyers in the country to pursue a case against Cryptsy or Coinbase, individually or as a class action, and we were able to obtain multiple meaningful recoveries for victims who would have otherwise been left without any recourse.

 

Marc Vites

Lawyer

Lawyer Marc Vites called the Coinbase and Cryptsy litigation “a tricky business.”