Coinbase Deny IPO Rumors as Crypto Giant Closes $300 Million Series E

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31.10.2018

Coinbase announced a $300 million fundraising round on Tuesday, October 30, which puts the San Francisco-based company’s new valuation at $8 billion and makes it one of the most highly valued startups in the United States. However, in an interview with Bloomberg TV following the announcement, Coinbase President and Chief Operating Officer, Asiff Hirji, said that the company has no intentions to go public anytime in the near future.

The Series E round was led by Tiger Global Management, with participants including Andreessen Horowitz, Y Combinator Continuity, Wellington Management and Polychain.

The company says it plans to use the funds to “accelerate the adoption of cryptocurrencies and digital assets.” This will include:

  • Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;
  • Offering more crypto assets  — Coinbase sees hundreds of cryptocurrencies that could be added to its platform today and says it will lay the groundwork to support thousands in the future;
  • Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and the continued development of Coinbase Wallet; and
  • Bringing institutions into crypto — adding features and crypto assets to the company’s Custody offering to bring more institutional funds into the space.

Coinbase’s Series E is nearly three times as much as the company raised in its Series D in August 2017, and the fresh cash brings its total-capital-raised-to-date to over $520 million.

Ryan NeuNer, the host of a crypto-focused show on CNBC, recently claimed that he had received Coinbase pre-IPO documents from an inside source. However, speaking to Bloomberg TV, Asiff Hirji denied such plans.

He also made it clear that the latest fundraising round was less about the actual capital, and more about the access granted via the new lead investor, Tiger Global Management.

Tiger Global’s investments focus primarily on the global Internet, technology, telecom, media consumer and industrial sectors. The New York-based firm was founded by ‘Tiger Cub‘ Chase Coleman III, and currently has $25 billion assets under management, deploying capital globally in both public and private markets.

With this investor, Coinbase gains greater access to institutional clients across the world, making it a highly attractive partner for the company’s custody and professional trading products.

The company also revealed that its projected revenue for the year is nearly $1.3 billion, further indicating that an IPO is not necessary at this time.

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  • any body here to let me know about next crypto in Coinbase?