- Coinbase is being valued at $8 Billion as the company is in talks with Tiger Global for an investment up to $500 Million.
- Chris Dodds, a board member of Charles Schwab joins Coinbase as a board member.
$8 Billion Valuation
The San-Francisco based Crypto giant is in talks with Tiger Global to raise up to $500 Million at an $8 Billion Valuation, reports Recode. Coinbase raised $100 Million with a valuation of $1.8 Billion last year following an explosive growth during the bull market and reportedly made over a Billion dollars in revenue.
The sources suggest that Coinbase will use the $250 Million to buy out its existing investors and add the rest $250 Million to its treasuries.
Some of the previous investors in Coinbase include Andreessen Horowitz, Union Square Ventures, IVP, Draper Associates, Greylock Partners and several other.
Legitimizing the Crypto industry?
Former Hedge fund manager Mike Novogratz commented on Coinbase’s valuation saying that this is proof that Cryptocurrencies are not ‘Tulips’ which is often the comparison made by some people who criticize Cryptocurrencies like Warren Buffett and Charlie Munger.
CNBC quotes Novogratz:
“Here’s the poster child of the crypto space worth $8 billion — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys,”
Newest Board Member
Chris Dodds, who is a senior private equity advisor and serves on the Board of directors of the Charles Schwab Corporation has joined the Coinbase board.
Brian Armstrong, CEO of Coinbase mentions in the blog:
“His addition to the Coinbase board is part of our effort to expand our financial services capabilities as we head into this next chapter for the company and the cryptocurrency industry as a whole.”
Chris has a long track record in the financial industry and is a significant addition to the Coinbase team. The company has been aggressively expanding and hiring in the US this year. In Q3 alone they hired for positions like Chief Legal Office, VP of Engineering VP of Data and more.
Coinbase also recently launched a suite of products including ‘Coinbase Bundle’ to make it easier for retail investors to buy into multiple Cryptocurrencies.
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