The $300 Million was part of a Series E equity round led by Tiger Global Management with the participation of Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.
In an announcement earlier today, the President and COO of Coinbase, Asiff Hirji, notified investors and crypto enthusiasts that the firm had added an additional $300 Million of investment at a post-money valuation of over $8 Billion.
The funds will be used to accelerate the adoption of cryptocurrencies and digital assets to build the next phase of the internet that is frequently referred to as Web 3.0.
According to Mr. Hirji, the funds will be used to accelerate the following activities at the exchange:
- Global expansion: to build the infrastructure between fiat and crypto in regulated markets around the world
- Listing more crypto assets, quickly: The firm has its eyes on hundreds of cryptocurrencies that could be added to the platform, as well as thousands in the future
- Utility applications for crypto: for example. the recently announced support for Circle’s USDC and the continued development of the Coinbase Wallet
- Bringing institutions into crypto : adding features and crypto assets to the Custody services to bring more institutional funds into the space
Hope For XRP and TRX
With a majority of HODLers of XRP and Tron (TRX) hopeful of a Coinbase listing, news of the exchange announcing plans to list hundreds of cryptocurrencies is an indicator that the two digital assets might soon be available on the exchange. Looking at the rankings of both XRP and TRX, the digital assets are ranked third and eleventh respectively according the market capitalization.
Therefore, it is safe to conclude that the team at Coinbase probably has the two assets on their radar for listing given their prominence in the crypto markets. The two coins are popularity amongst traders and both have the backing of a large crypto community from all corners of the globe.