Anthony Harvey / Stringer
Coinbase CEO Brian Armstrong
- Coinbase is now officially valued at $8 billion.
- The bitcoin exchange announced a $300 million Series E on Tuesday, with a mega valuation to match.
- That means the cryptocurrency startup is publicly valued higher than Slack and Instacart.
The popular cryptocurrency exchange Coinbase is now valued at $8 billion following a mega funding around, the company announced Tuesday.
That round, led by Tiger Global Management, infuses the crypto startup with $300 million to "accelerate the adoption of cryptocurrencies and digital assets," according to the company.
Y Combinator Continuity, Wellington Management, Polychain and Andreessen Horowitz also participated in the round.
Its new $8 billion valuation means that Coinbase is now publicly valued higher than the $7.1 billion Slack and the $7.6 billion Instacart. Rumors of the valuation were first reported by Recode in early October.
While the greater bitcoin and cryptocurrency markets have suffered since hitting astonishing highs in December 2017, Coinbase has continued to truck along, thanks in part to funding and support from some of the biggest names in Silicon Valley venture capital.
The company was last valued at just $1.6 billion in August 2017 thanks to funding from big names like IVP, Spark Capital, Greylock Partners, and Battery Ventures.
In February, Coinbase vice president Dan Romero told Business Insider that the company's goal was to become the Google of crypto.
Read more about Coinbase's strategy to become the Google of cryptocurrencies.
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