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.
— Coinbase (@coinbase) August 10, 2017
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:
- Increase the size of our engineering and customer support teams to improve the customer experience.
- Open a GDAX office in New York City, further investing in our ability to serve institutions and professional traders.
- 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.
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:
- Coinbase — the most popular retail exchange for digital currency
- GDAX — the most popular exchange for institutions and professional traders in the U.S.
- 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.