Crypto exchange Coinbase says it is now valued at over $8 billion after it closed a new $300 million round of funding to “accelerate the adoption of cryptocurrencies and digital assets.”
The company announced the $300 million investment in a blog post, which said the financing is being led by New York-based Tiger Global and will be used to accelerate global expansion and the offering of more cryptocurrencies.
The company has made a big push in the past year to broaden its services from consumers to catering to institutional investors, and it said that it plans to use this new capital to continue that strategy. In addition, the firm plans to broaden its focus outside of the U.S. to offer fiat-to-crypto exchanges services in other parts of the world.
It is also promising to quickly add support for more cryptocurrencies, expanding its platform from a handful to thousands.
Founded in 2012, San Francisco-based Coinbase has surfed the Bitcoin wave to become one of the biggest players in the crypto space, building up a staff of 500 people.