Digital wallet and crypto-exchange Coinbase has raised $100 million in a Series D funding round led by well known VCs including IVP plus Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Having now exchanged over $25 billion in digital coin, Coinbase is becoming a serious business and reportedly this most recent investment delivered a $1.6 billion valuation for the young firm. Coinbase is on a serious mission to creating an open financial system for everyone around the globe. Sorry governmental agencies, you have not been invited to their world.
Coinbase co-founder Brian Armstrong notes that IVP has worked with some interesting businesses like Netflix, Slack, Snap, Twitter and more. So, Coinbase is in good company for their next chapter in disrupting the meaning of fiat currency.
Founded in 2012, Coinbase now provides support for Bitcoin, Ethereum and Litecoin in 32 countries. Their portfolio of products include:
- 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
Coinbase will now have a cash warchest to boost engineering and support teams, open more physical offices and power Toshi to become the catalyst to change cryptocurrencies into a global payment network (as opposed to a highly speculative investment). Coinbase’s not so secret, Secret Master Plan for global domination can be read here.