Coinbase probably had its best quarter so far, launching several products over the fourth quarter of 2018. The company which Lightspeed Venture Partner Semil Shah called ‘The Breakout Company of 2017’ recently concluded its 12 Days of Coinbase which introduced features such as instant PayPal withdrawals, Coinbase Earn which is a modified version of Earn.com (Coinbase acquired Earn.com for $120 million in April 2018)
$300 Million Series E fundraise
The most notable undertaking is definitely the secure migration of over $5 Billion to an improvised cold storage solution. Apart from this, Coinbase raised an impressive $300 million Series E round at a valuation of $8 Billion dollars, making it one of the most valued startups within the crypto ecosystem. The round was led by Tiger Global Management, with participation from Andreessen Horowitz, Y Combinator Continuity, and Polychain Capital among others.
The company has invested in several startups through it’s investment arm – Coinbase Ventures. Some of the interesting investments are crypto data API Nomics, Starkware, Abacus Protocol, Securitize. This complements previous investments such as Reserve – a stablecoin project and Unlock Protocol – an access control protocol built on the Ethereum blockchain, along with acquisitions such as Cipher Browser.
Perhaps one of the most interesting developments at Coinbase has been the rollout of the collateralized stablecoin ‘USDC’. Each USDC coin represents a US dollar and does not move up or down, thereby providing a safe haven for traders during volatility. Since launching alongside Circle, the stablecoin has achieved a milestone of $250 million issued in just a couple months.
USDC hits $250m issued in just months.