The popular cryptocurrency exchange, Coinbase announced on Tuesday that a mega funding round has upped their value to $8 billion. Led by Tiger Global Management, the round infused the crypto startup with $300 million to “accelerate the adoption of cryptocurrencies and digital assets,” according to the company.
Other participants include Y Combinator Continuity, Wellington Management, Polychain, and Andreessen Horowitz among others. The $8 billion evaluation places Coinbase higher than the $7.1 billion Slack and the $7.6 billion Instacart. The valuation was rumored in early October and was first reported by Recode.
While the cryptocurrency market faces a lull, it seems Coinbase is continuing its growth. The major chunk of the success of Coinbase could be attributed to the funding and support from some of the biggest names in Silicon Valley venture capital. Last valued in August 2017, Coinbase stood at $1.6 billion, thanks to the big names like IVP, Spark Capital, Greylock Partners, and Battery Ventures.
Dan Romero, Vice President Coinbase told Business Insider in February this year, that the platform wants to become the Google of Crypto community.