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Coinbase raises $300m for infrastructure to produce more crypto-tokens

coinbase raises 300 million in funds

Posting on their website, Coinbase‘s chief operating officer and president Asif Hijri revealed to have raised over $300 million from various investors. In a post on the company’s website, he also revealed his confidence in the future of blockchain technology. He said that blockchain shows great potential in creating the next level of internet or Web3.0. He added that this would give more control to the consumers and while creating a revolution, it will also provide profitable chances to people across the globe.

Further, he notified that by Tiger Global Management’s help they were able to raise an extra $300 million while mentioning other notable participants like Wellington Management, etc.

He stated that the funds would be used to support a greater number of crypto-currencies on their platform and further developing the infrastructure for the already present tokens. He believes that this would attract more institutional investors towards blockchain technology.

The system used by veteran consumers; Coinbase Pro, currently supports a limited number of tokens, e.g., BTC, ETH, and LTC, etc. The problem with inviting more assets on it is that the U.S Securities and Exchange Commission has neither clarified what tokens are considered as Securities nor approved Coinbase to sell securities to retail investors.

Various sources claimed that another coin offering would be held in the coming future to raise $200 million or more. The opportunity will be used to allow workers and some early investors to cash their shares without affecting the total sum raised by the company. This may mean that the company is going to have an IPO in 2019.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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