Crypto exchange Coinbase valued at $8b in latest funding round

Signage is displayed on a monitor as employees work at the Coinbase Inc. office in San Francisco, California, U.S., on Friday, Dec. 1, 2017. Photographer: Michael Short/Bloomberg

Coinbase, one of the top U.S. cryptocurrency exchanges, said on Tuesday it raised another $300 million in a funding round led by Tiger Global Management, valuing the firm at more than $8 billion.

San Francisco-based Coinbase was one of the top beneficiaries of the bitcoin boom last year after the cryptocurrency rocketed more than 1,300 percent to almost $20,000.

The value of bitcoin has plummeted since and is down nearly 55 percent this year, undermined by increased regulatory scrutiny in the wake of volatile price swings.

Coinbase booked revenue of $1 billion in 2017 and is expected to bring in $1.3 billion this year despite the slump in bitcoin, according to media reports.

The firm said Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain also invested in the latest round.

The company, which also counts New York Stock Exchange owner Intercontinental Exchange Inc as investors, said it will use the financing to expand its operations globally and offer more crypto assets, among other things.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.