Coinbase CEO to Launch Charity Crypto Fund

At the moment, the fund has already raised $ 3.5 million, of which $ 1 million was personally invested by Armstrong
28 June 2018   783

Brian Armstrong, co-founder and CEO of Coinbase, announced the launch of a charitable cryptocurrency fund called GiveCrypto. Armstrong plans to attract $ 1 billion in the next two years. This is reported by Brian himself via Twitter.

According to Armstrong, having managed to earn big money on bitcoin and other crypto-currencies, community members should help the needy all over the world, and not position themselves as cool guys in Lamborghini. This will help to open new scenarios for the use of cryptocurrency, and, undoubtedly, will promote its further popularization.

He also noted that donations in the cryptocurrency can reach people directly, eliminating the likelihood of corruption and abuse.

Cryptocurrency is unique in that it can be used to send small amounts of money anywhere in the world, in real-time directly to an individual in need — they just need a mobile device with an internet connection. With distribution of aid to foreign countries, high fees and corruption are unfortunately common; cryptocurrency is a way of circumventing both.
 

Brian Armstrong

CEO, Coinbase

To date, the fund has already raised $ 3.5 million, of which $ 1 million was personally invested by Armstrong. Also reported that the contribution of more than $ 1 million was made by the executive chairman and co-founder of Ripple Chris Larsen.

Other contributors are Chinese mining giant Bitmain and venture capitalist Fred Wilson; they contributed more than $ 100,000 each.

GiveCrypto plans to start helping those in need after the amount of donations reaches $ 10 million, but the long-term goal of the fund is $ 1 billion over the next two years.

Coinbase Capitalization to Exceed $8B

Another financial round, headed by  Tiger Global Management, brought $300M to the company
30 October 2018   146

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.