Coinbase’s market capitalization rises to $8 billion

Coinbase’s market capitalization rises to $8 billion

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Answer Coinbase’s market capitalization rises to $8 billion

The value of Bitcoin has fallen dramatically this year, but the value of the cryptocurrency exchange Coinbase is rising in the opposite direction.

The San Francisco-based company on Tuesday announced the completion of a new $300 million capital raising round, bringing Coinbase’s market capitalization to $8 billion.

This makes it one of the most valuable companies in the United States of America. This transaction represents a massive increase from the previous estimate of $1.6 billion in August of 2017.

Investment Series E was led by Ether Global Management, which involved Andreessen Horowitz, Y Completion Continental, Wellington Management and Polychain.

Coinbase intends to use the funds to “accelerate the adoption of cryptocurrencies and digital assets,” Coinbase CEO and CEO Asif Hirji said in an earlier statement.

Read:Binance founder explains the real reason behind the collapse of the crypto market

Known as the best cryptocurrency exchange in the United States, the company is the spoiled child of the emerging industries. Its appeal among major speculative capitalists and investors has been described as a positive sign for the future of cryptocurrency.

Coinbase, which landed at No. 10 on CNBC’s 2018 list, was in the right place and at the right time when Bitcoin soared more than 1,300% last year to nearly $20,000.

Bitcoin and other cryptocurrencies have lost more than 65% of their value since then, and the interest of cryptocurrency investors is waning. But Coinbase has made money back in a master plan to cater to institutional investors. This year, I launched a batch of offers for professional investors. One of them, sponsored by Coinbase, received regulatory approval last week from the New York Department of Financial Services.

It recently partnered with “Unicorn” to make the cryptocurrency backed by the US dollar which is known as “stablecoin”. Coinbase said Tuesday that it is focused on bridging the gap between fiat money and crypto money across all regulated markets and building it to offer “more institutional money in the space.”

Read:Is bitcoin a scam?

The new shares should help Coinbase achieve this, while adding new assets to the popular trading platform.

“We’re seeing hundreds of test runs that can be added to our platform today and will lay the groundwork to support thousands in the future,” Hergé said.

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