San Francisco headquartered digital asset exchange Coinbase announced today they have raised $100 million in Series D funding. This represents a major milestone for the company with the round being led by IVP, one of the premier later-stage venture capital and growth equity firms in the United States.
The round also got participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Coinbase reports they’ve experienced fantastic growth over the past year and has now exchanged over $25 billion USD of digital currency for its customers. It will be using the new funding to continue scaling operations further.
With the funding, Coinbase is planning to:
- Increase the size of its engineering and customer support teams to improve customer experience.
- Open a GDAX office in New York City, further investing in the capacity to serve institutions and professional traders.
- Invest in Toshi, to help accelerate digital currency’s shift from speculative investment to global payment network.
Brian Armstrong, Co-Founder, and CEO at Coinbase stated:
“We’re fortunate to be working with IVP, one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 106 of which have gone public. Notable IVP investments include companies such as Dropbox, Netflix, Twitter, Slack, and Snap.”
“Coinbase was founded in 2012 and has grown to become one the world’s leading digital currency companies with support for Bitcoin, Ethereum and Litecoin in 32 countries. Today it is a portfolio of three products: Coinbase (retail exchange for digital currency), GDAX (exchange for institutions and professional traders in the U.S.) and Toshi (a browser for the Ethereum network).”