- Coinbase has released details on their Series E round of financing
- This round will focus on pushing the adoption of cryptocurrency, aim to launch ‘hundreds’ of tokens
- This round is being backed by Tiger Global Management, Wellington Management, and others
CoinBase has, for a long time, been at the forefront of pushing blockchain and cryptocurrency adoption. This led them to invest another $300 million to further the adoption of digital assets as part of their Series E round of financing. The crypto exchange behemoth will have a post-money valuation of $8 Billion.
Massive Impetus for Cryptocurrency Adoption
This announcement was made via a post on Medium and goes into detail about Coinbase’s plans regarding the investment. It was stated that Coinbase sees cryptocurrency as the future of tech innovation and that it will put the power back in the hands of users.
“We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3)” the statement said.
While Coinbase is throwing great weight and resources behind the cause, they are not alone.
This round of investment is being backed by Tiger Global Management with further participation from other firms such as Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain.
This goes to show that the vision of a blockchain-based future is not shared only by Coinbase but others as well.
What will be done?
Details were given about what will be done with this latest round of financing.
The first will be global expansion of the crypto exchange, which hopes to create links between fiat and crypto in the global market. This is perhaps one of the most important things to be done.
This is because most of the world still mainly uses fiat currency and will not likely make the switch to crypto overnight. By building infrastructure that links the two, a gradual and guided switch can be made.
Offering more crypto assets in a quicker fashion is also on the agenda. Coinbase is known to offer hundreds of cryptocurrencies and intends to soon offer thousands – as the new influx of funds will help put the necessary infrastructure in place.
Utility applications for crypto will also be put in place, as evident by the recent adoption of the USDC by Coinbase.
Lastly, there are plans to bring institutions into the crypto space. Institutional investments are very much needed if cryptocurrency adoption is to make headway and Coinbase plans to include Custody Offerings to make this happen.