October 30, 2018
FLG Partner’s client Coinbase reports it is now valued at over $8 billion after closing a new $300 million round of funding to “accelerate the adoption of cryptocurrencies and digital assets.” FLG’s Tim Laehy was instrumental as Coinbase’s CFO during their high growth years in 2017 and 2018.
The Series E investment was led by Tiger Global with participation from Y Combinator’s Continuity fund and Wellington Management alongside Andreessen Horowitz and Polychain, among others. The Series E round brings total investments to $525 million from investors with the company’s valuation increasing from $1.6 billion back in August 2017 at their last round.
Coinbase continues to strategically position the company for future growth:
- Broadening cryptocurrency services for consumers to embrace a new focus on institutional investors
- Expanding outside of the U.S. to offer fiat-to-crypto exchanges services internationally
- Rapidly diversifying the types of tokens Coinbase supports to different types of cryptocurrencies
Coinbase recently introduced a USDC stablecoin earlier this month and it plans to offer further ‘utility applications’ this like this in future according to, Asiff Hirji — Coinbase COO. Speaking at TechCrunch Disrupt San Francisco in September, CEO Brian Armstrong revealed that he sees a future in which every cap table will have its own token.
“We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3), which has the power to put control back in the hands of consumers, unleash a new era of innovation, and offer greater access to economic opportunities to more people around the world.” – Asiff Hirji