Coinbase Raises $100m in Largest-Ever VC Funding Round for Bitcoin Sartup

Fidelity Labs Tests Digital Asset Wallet 1

Coinbase Becomes First Bitcoin 'Unicorn'

Coinbase will also expand its GDAX arm into New York City to better serve institutions and professional traders. Of the over 300 companies it has backed, 106 have gone public.

In a recent post on the Coinbase blog, co-founder and CEO Brian Armstrong outlines the strategic areas where Coinbase will allocate much of this funding in effort to expand their company.

Coinbase experienced unprecedented growth over the previous year, and we have now exchanged over $25 billion Dollars of digital currency for our customers.

Coinbase has recently completed a $100 million Series D funding round, which featured investment from IVP, Draper Associates, Greylock Partners, and others.

Invest in Toshi, to help accelerate digital currency's shift from speculative investment to global payment network.

In its official release, Coinbase said that it will use the funding to increase the size of its engineering and customer support teams, open a GDAX office in NY, and invest in Toshi, a browser for the Ethereum network. Toshi is a browser for the Ethereum network that aims to provide universal access to financial services.

"Digital currencies are having their "Netscape" moment," Armstrong stated. This follows $75 million raised by the startup in venture capital funding in 2015 and brings the total funding to over $217 million till date. Coinbase says they are excited about the digital currency economy and the firm is entering into the next phase of their "secret master plan".

The company's CEO also used the announcement to extol his industry's growth.

The San Francisco-based company is now estimated at $1.6 billion, what makes it the first bitcoin startup to get a status of a unicorn, or a company with a valuation of $1 billion or more. The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies.

Images via Shutterstock, and the Coinbase website.

Bithumb for instance, South Korea's largest bitcoin exchange, offers a 24/7 phone line and live chat with a large-scale team of communications directors and customer service agents. Or create a paper wallet.

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