Coinbase raises $100m in Series D funding

Coinbase has a valuation greater than $1 billion as the company raises $100m in Series D funding
Diana Ugay's picture
Diana Ugay
11 August

According to CoinDesk data, Coinbase has raised $100 million in Series D funding in what is the largest single traditional funding round for a public blockchain or cryptocurrency startup.

Such an achievement is indeed a major milestone for Coinbase team's mission "to create an open financial system for the world". 

The round was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates.

According to the report, Coinbase experienced unprecedented growth over the last year. Now the company is going to use this new funding to continue scaling even further:

  1. Increase the size of our engineering and customer support teams to improve the customer experience.
  2. Open a GDAX office in New York City, further investing in our ability to serve institutions and professional traders.
  3. Invest in Toshi, to help accelerate digital currency’s shift from speculative investment to global payment network.

We’re fortunate to be working with IVP, one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 106 of which have gone public. Notable IVP investments include companies such as Dropbox, Netflix, Twitter, Slack, and Snap.
 

Brian Armstrong
Co-Founder and CEO at Coinbase

Coinbase was founded in 2012 and has grown to become one the world’s leading digital currency companies. Today it is a portfolio of three products:

  1. Coinbase — the most popular retail exchange for digital currency
  2. GDAX — the most popular exchange for institutions and professional traders in the U.S.
  3. Toshi — a browser for the Ethereum network

Thus, Coinbase’s valuation is now around the $1.6 billion mark, and it has made clear that these new investments will be reinvested into the company to help carry cryptocurrency into the future.  

Huobi and OKCoin to add Bitcoin Cash

Two largest Chinese exchanges add support for Bitcoin Cash
Diana Ugay's picture
Diana Ugay
22 August

Two largest Chinese cryptocurrency exchanges, OKCoin and Huobi, announced adding the support for Bitcoin Cash.

As OKCoin argues, the decision to add Bitcoin Cash was made after a "technical verification and comprehensive testing" of the coin:

Thus, OKCoin will officially support Bitcoin Cash (BCC) deposit and spot trading on August 22nd (06:00 Eastern Standard Time, UTC+20 HRS, 18:00 China/Hong Kong time). However, it is noteworthy that currently the exchange are only supporting BCC deposit and trading on the website. On top of that, to ensure a safe trading environment and to avoid potential 51% attacks and transaction malleability, there will be increased security verifications when depositing BCC. 

As for Huobi, the exchange claims that considering that Bitcoin Cash has entered the top three digital assets by market capitalization and has extensive support for trading platforms, there's the hope that users will realistically assess the risks associated with BCC trading.

Huobi will launch BCC/CNY on 17:30, August 22, 2017 (GMT +8). BCC trading will be available on main Huobi while BCC deposit was allowed from 17:00, August 9, 2017 (GMT+8).  

Bitcoin Cash charts on coinmarketcap.com Bitcoin Cash charts on coinmarketcap.com

As shown, at the time of writing, the Bitcoin Cash cryptocurrency price is about $687 and its market capitalization is more than $11 billion.