Bitcoin exchange Coinbase is now valued at $8 billion after raising another mega round of funding

caption
Coinbase CEO Brian Armstrong.
source
Anthony Harvey / Stringer
  • Coinbase is now officially valued at $8 billion.
  • The bitcoin exchange announced a $300 million series E round
    on Tuesday, with a mega valuation to match.
  • That means the cryptocurrency startup is publicly valued
    higher than Slack and Instacart.

The popular cryptocurrency exchange Coinbase is now valued at $8
billion after a mega funding round, the company announced
Tuesday.

That round, led by Tiger Global Management, infuses the crypto
startup with $300 million to “accelerate the adoption of
cryptocurrencies and digital assets,” according to the company.

Y Combinator Continuity, Wellington Management, Polychain, and
Andreessen Horowitz also participated in the round.

Its new $8 billion valuation means Coinbase is now publicly
valued higher than the
$7.1 billion Slack
and the
$7.6 billion Instacart
. Rumors of the valuation were
first reported
by Recode in early October.

While the greater bitcoin and cryptocurrency markets have
suffered since hitting astonishing highs last December, Coinbase
has continued to truck along, thanks in part to funding and
support from some of the biggest names in Silicon Valley venture
capital.

The company was valued at just $1.6 billion in August 2017 thanks
to funding from big names like IVP, Spark Capital, Greylock
Partners, and Battery Ventures.

In February, Coinbase vice president Dan Romero
told Business Insider
that the company’s goal was to become
the Google of crypto.


Read more about Coinbase’s strategy to become the Google of
cryptocurrencies.

Crypto Destroyer