Coinbase attracts venture capital to expand business

Even under the pressure of a bearish paw, investors see prospects in the crypto business. Crypto exchange Coinbase has announced that it is now valued at more than $8 billion after it closed a new $300 million round of funding to "accelerate the adoption of cryptocurrencies and digital assets."

The US company says this round of Series E investment was led by financial services firm Tiger Global, with participation from Y Combinator's Continuity fund and Wellington Management - a $1 trillion fund that has recently expressed interest in the crypto industry - along with Andreessen Horowitz, Polychain and others.

Coinbase plans to use this funding to develop promising areas:

-Global expansion - creating infrastructure between fiat and crypto on regulated markets around the world;

-Expanding the list of crypto assets offered on the platform and developing the basis to support thousands of cryptocurrencies in the future;

-Development of utility applications for the cryptocurrency sector; 

-Attracting additional institutional funds and venture capital into the development of the crypto industry through the expansion of its custodial service.

Although the company has made a big push in expanding its services to institutional investors and plans to use this new capital to continue this strategy, Coinbase remains, first and foremost, a crypto trading platform for everyone. The company notes that it plans to expand its influence outside the United States.

Speaking at TechCrunch Disrupt San Francisco in September, CEO Brian Armstrong noted that he sees a future in which Coinbase could accept hundreds of tokens over the coming years and even potentially “millions” in the coming years. future.

Only since the beginning of autumn, Coinbase has introduced stable coin USDC, a new investment a tool from Circle, three new services for novice traders and in the future plans to offer to maintain a high pace of development of new tools for users.

Armstrong also said he would like to one day launch a public IPO.