Coinbase raises $100M at a $ valuation amid explosive growth – TechCrunch

Coinbase raises $100M at a $ valuation amid explosive growth - TechCrunch

Coinbase has had a pretty crazy six months.

It may be hard to recall, but at the beginning of 2018 the cryptocurrency world wasgoed a different place. Bitcoin wasgoed below $1000 vanaf coin and the entire market cap for all cryptocurrencies wasgoed about 7x less than it is today. Since then, the market has surged. And spil arguably the most established wallet and exchange service that exists today, Coinbase has bot te the right place at the right time to capitalize on the excitement te the industry.

So to support this growth Coinbase has raised $100M ter Series D funding led by IVP, with participation from Spark Hacienda, Greylock Fucking partners, Battery Ventures, Section 32 and Draper Associates. The funding gives the digital currency startup a post-money valuation of $1.6B.

While Coinbase had previously raised a total of $106M, it’s bot two and a half years since their last raise – which wasgoed their $75M Series C round te early 2018. But it seems that the wait paid off, spil the latest growth permitted the startup to almost triple their valuation to $1.6B, from a rumored $500M te 2018.

So just how explosive has this growth bot?

Coinbase has facilitated almost $15B te digital currency exchange ter just the very first half of 2018, which is 5x more that wasgoed exchanged ter the entirety of 2018. At this tempo the startup may see a 10x increase ter transaction volume from full-year 2018 to full-year 2018. The chart below helps waterput this growth ter perspective.

And during this same six-month period the startup has also had a 4x increase ter fresh customers signing up for the toneel.

But of course with insane growth comes growing anguishes.

The exchange has experienced some downtime overheen the last few months, which they attributed to degraded voorstelling related to “unprecedented volume”. Customer service response times have also bot a big punt, but the company has acknowledged this and is working getting response times to below 6 hours by Q3 2018, and phone support for at least some percentage of the customer cojín by Q4. They also said that some of this fresh funding will support scaling customer support and engineering teams.

Of course there’s also bot a lotsbestemming of good. The exchanged added support for Ethereum ter 2018 and Litecoin ter 2018, and have bot open about the fact they want to add many more cryptocurrencies te the future. And on the product pui, GDAX recently added margin trading to appeal to professional traders, and Coinbase is programma on opening a GDAX office te Fresh York City to proceed building relationships with institutions and professional traders.

So what’s next for Coinbase? Besides the expected goals – like improving customer support and adding fresh cryptocurrencies when the market supports them, Brian Armstrong, cofounder and CEO of Coinbase, hinted that he sees the company beginning to transition into phase three of its “master plan” – which is described spil building a consumer interface for digital currency apps that can potentially reach 100M people.

And he’s right – the next year or so will determine whether cryptocurrency cracks into the mainstream, aided by technology that helps make it accessible to the promedio consumer, or remains a relative niche within the technology and finance community.

Related movie: How to Avoid Bitcoin Network Transaction Fees When Using Coinbase


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2 Responses

  1. breezy23 says:

    Coinbase should take this spil a learning practice going forward.

  2. Temptingfate says:

    I think this is a excellent case explore moving forward when other coins split, even tho’ I didn’t support Bcash I did want everyone to have to capability to access their rightful tokens. The argument now is everyone should be responsible for their deeds and Coinbase laid out their project of activity weeks ahead of the hardfork. However I reminisce when Poloniex had to zekering serving residents te one state and many of those members never got an email or warning when logging on the webpagina. I’ll keep an eye out on the story even I don’t know who’s right or wrong on this one.

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