Cryptocurrency exchange and cryptocurrency wallet provider Coinbase is finalizing negotiations that could potentially raise the company's valuation to $ 8 billion.
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Citing anonymous sources familiar with the issue, Recode says Coinbase is in talks with Tiger Global and its shareholders about a possible $ 500 million investment. Sources said Coinbase will add $ 250 million to its price, while another $ 250 billion could be offered to buy back shares of existing investors.
Tiger Global Management is an investment company founded in 2011 that invests globally in both private and public markets.
CEO Galaxy Digital Michael Novogratz said that "the news about the negotiations has shown that the cryptocurrency is more than just Tulip fever." CNBC quotes the statement of the Novogratz at the Economist conference Disrupt Finance:
Coinbase is a child of the $ 8 billion crypto — sphere, a real company, and Tiger are not banal investors. They're smart, smart guys.
According to CNBC, a deal with Tiger Global would make Coinbase one of the most highly regarded startups in the US. Last year, after a series D funding round led by IVP, involving Section 32, Draper Associates, and other private investors, Coinbase rose in valuation to $1.6 billion.
Over the past year, Coinbase has quickly moved forward to expand its business on several fronts. In may, the exchange announced the release of four new products that aim to "unlock $ 10 billion in money from institutional investors sitting on the sidelines."
Recently, Coinbase introduced a new product called "Coinbase Bundle", which is designed to simplify the trading process. Coinbase Bundles is a basket of five cryptocurrencies supported on Coinbase — Bitcoin, Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ethereum Classic (ETC) — and is acquired in proportion to their market capitalization in us dollars.
Coinbase has also attracted many professionals from traditional financial institutions, as well as major companies such as Facebook, Microsoft, Amazon and Google. Today, Coinbase announced that Chris Dodds, Board member Charles Schwab, will join the Board of the exchange to contribute to the expansion of Coinbase in terms of financial services opportunities.
Link to the source of information (Russian) -https://altstake.io/news/kriptobirgha-coinbase-rasshiryaetsya-i-aktivno-rastet-v-cene