Coinbase’s talks with Tiger Global means that it may become the most valued startups in the United States in no time. Details were given in a report by recode classifying Tiger Global will cough out $500 million regarding capital.
The $500 million could be divided into two, with $250 million to strengthen its coffers while the remaining $250 million will be used to buy out the existing investors.
If it does gain the investment, Coinbase will lead the charts with a valuation of $8 billion. It comes after a valuation last year of $1.6 billion thanks to the successful Series D funding round last year.
Mike Novogratz who is an active supporter of cryptocurrencies and the CEO of Galaxy Digital spoke out about the great news of Coinbase for the cryptocurrency space-
”Here’s the poster child (Coinbase) of the crypto space worth $8 billion – that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”
Tiger Globe is a noted New York based investment firm that has many consumer brands in its belt. However, this will be the first step towards cryptocurrencies.
Alistair Milne, An investor and entrepreneur who is a Bitcoin evangelist, took to Twitter to share statistics on Coinbase’s growth-
Coinbase Growth Update:
– added ~5million users in the last 6 months, now have 25mil
– average of ~25,000 users/day is comparable to mid-2017
Data here: https://t.co/R9B63J2d6Q#bitcoin pic.twitter.com/MITLacwC5L
— Alistair Milne (@alistairmilne) October 3, 2018
As per the details, Coinbase has more than 20 million users with the processing of over $150 billion in trades since 2012.
Coinbase has actively built a strong team with people like Chris Dodds of the traditional brokerage firm Charles Schwab being added on its board of directors.
Coinbase recently released four new products to add to its services – Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime. The new products are all aimed at helping institutional investors get onboard the cryptocurrency bandwagon.
Thus with rapidly developing technology being built on the exchange, an experienced team of people and investments Coinbase is making the future of cryptocurrency look confident.