Coinbase is an organization with the firm belief that cryptocurrencies and the technologies behind them will bring about an almighty breakthrough in computer science, that will forever change both the internet and the global financial system as we know it. According to Coinbase COO Asiff Hirji, Coinbase sees tremendous promise in crypto’s ability to build the next phase of the internet often referred to as Web 3. The idea of Web 3 is so powerful since it has the ability to put control back in the hands of consumers while unleashing a new innovation era and opening up great economic activities to more people around the world.
Through their official blog, Coinbase revealed that they have set aside an additional $300 million dollars at a valuation of over $8 billion to fast-track the adoption of crypto-currencies and digital assets. This will be done as part of the Series E equity round led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Polychain, Andreesen Horowitz among others. The Series E capital funding was announced by Coinbase COO Asiff Hirji through the Coinbase official blog. According to the announcement posted on October 30th, the series E financing round would help Coinbase expedite the following;
- The Global expansion of crypto through setting up the infrastructure revolving around Fiat and crypto in regulated markets globally
- Offering more virtual assets quickly through laying the groundwork that will pave way for hundreds of new crypto-currencies to be added on the Coinbase platform
- Crypto utility applications such as the recently announced support for stable coin (USDC) on Coinbase and the persistent developments of the Coinbase wallets
- Luring institutions into the crypto market by adding features as well as crypto assets to their custody offering in order to bring more institutional funds into the crypto space
Crypto has great ambitions all geared towards boosting the crypto-currency space. Despite all the forays Coinbase gets into, they are and will always remain a crypto first company. The Company’s COO stated in the blog post that the company was proud of all the people that had chosen it as their entry route into the world of crypto. He added that the company did not take it lightly but rather saw it as a responsibility to offer efficient services. According to him, Coinbase strives to be an easy and trusted way for anyone to get started with crypto-currencies.