Tiger Global has successfully raised $3.75 billion in its latest venture capital fund, and the crypto-sphere is speculating if its $500 million Coinbase investment could be a part of it.
Tiger Global’s multi-billion dollar fund, which has been named Private Investment Partners XI, is aimed at consumer internet, cloud and industry-specific software, and direct-to-consumer companies in the U.S., China and India, reports the Financial Times.
It is likely that the $500 million Coinbase fund could also be a part of it. According to reports, Coinbase is about to close a $500 million deal with Tiger Global, which would take the valuation of the six-year-old crypto company to $8 billion, thus making it one of the highest-valued startups in the U.S.
Crypto Unicorn Coinbase Becoming Too Big to Fail?
Coinbase had confirmed its unicorn status with a $1.6 billion valuation last year when it raised $100 million in a Series D funding round led by IVP. It also became the first crypto company to cross $1 billion in revenue. Now, the $500 million funding will put Coinbase’s valuation at $8 billion. Is the company on its way to becoming too big to fail?
The company has been actively expanding and adding new coin listings and features to its platform this year, thus, adding more users to its trading platform. As of June 2018, the platform has more than 20 million user accounts.
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Recently, Coinbase revealed that it is going to open an office in Ireland’s capital city Dublin, as a part of its plans to scale up in Europe. The company has chosen Dublin because of the “city’s diverse talent pool and long-standing support for technological innovation, including a burgeoning cryptocurrency economy.” The Dublin team will support Coinbase’s team in London and host a variety of new business-related functions.
In June, Coinbase also announced its plans of expanding into the Japanese market, for which, it has already initiated discussions with Japan’s Financial Services Agency (FSA) for getting its registration approved. Mike Lempres, Coinbase’s chief policy officer, recently revealed in an interview that the discussions with the FSA are “going well” and that the company will “certainly” receive approval next year.
In July, the company launched its custody service for institutional clients, providing them with secure cold-storage options for their crypto assets. According to reports by Bloomberg, Coinbase saw deposits from 10 hedge funds and family offices within the first week of its custody service operations.
The company has also taken steps to offer improved banking support for customers using pound sterling to trade in cryptocurrencies. U.K. customers can now buy or sell Bitcoin, Ethereum, Bitcoin Cash, or Litecoin on Coinbase directly using pound sterling, without having to first use euros for transactions, and then converting them into pounds.
With all these developments, Coinbase is streadily cementing its position as a customer-centric company in the crypto-sphere.
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