Coinbase raises $100m in Series D funding

Coinbase has a valuation greater than $1 billion as the company raises $100m in Series D funding
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.  

Intel to Apply Blockchain Mining to Genetic Sequencing

Intel intends to utilize the energy expended during cryptocurrency mining for the sequencing of genetic data
15 December

Yesterday the U.S. Patent released a patent application called "Blockchain System with Nucleobase Sequencing as Proof of Work". In the application Intel’s inventors describe a type of computer called a sequence mining platform (SMP) which would identify the order or nucleobases in a deoxyribonucleic acid (DNA) or ribonucleic acid (RNA).

Nucleobases are the molecules that make up DNA and RNA, which contain the genetic information within every living organism on the planet. The order of these bases determines what physical traits a person, plant or animal features.

The patent application states that the SMP would use a nucleobase sequencing unit to actually establish the order of nucleobases in a given sample, which would then be verified by the blockchain before being permanently recorded on it.

The POW algorithm will be used to both identify the sequence and subsequently verify it, according to the application, and the sequence recorded on one block would be used as a base for the POW problems in the next block.