U.S.-based cryptocurrency exchange Coinbase is now worth 8 billion dollars, after it secured $300 million in new funding. Tiger Global Management led the equity round, while others investors like Andreessen Horowitz, Polychain and Wellington Management also joined in. This valuation was done by Coinbase itself and made public in a blog post.
The company wants to add more crypto assets to its portfolio. It’s ‘eyeing hundreds’, and wants to ‘support thousands in the future’. First it will use the funds for international expansion and developing an infrastructure to support the growth in its exchange services.
Company president Asiff Hirji told Bloomberg that Coinbase has no plans for a initial public offering (IPO). This might happen ‘at some point’, but the company has many other things to do.
Coinbase added two new coins this year: Ethereum Classic and 0x Protocol. Until the company added these two, it was mainly trading Bitcoin, Ethereum and Litecoin. The exchange allows both dollar and euro pairs. The company expect 1.3 billion dollars in revenue in 2018.