In the hope that cryptocurrencies and related digital assets would be the primary drivers of web 3.0, exchange Coinbase has raised Series E Funds to the tune of $ billion. The participants of the funding spree are the big names in technology venture companies like – Y combinatory Continuity, Andreessen Horowitz, Wellington Management, Poly Chain and the all-important Tiger Global management.
Funds for Following Features
The immediate use of the funds will in developing infrastructure for fiat and crypto for markets which are currently regulated.
The second focus is to offer infrastructure on Coinbase infrastructure to support over thousands of assets. Currently, the assets are only in their hundreds, and the championing exchange will concentrate on building capacity to scale and include as many numbers of coins as are available.
The third area of development where the crypto would be used is the utility applications for crypto. These include creating stablecoin such as USDC on Coinbase and will also offer sustained development with respect to coinbase wallet.
The fourth area of use of the new funds is in attracting institutional investors to the cryptocurrency sphere. The likely services it will expand into at this final stage is custody offerings. It will bring additional institutional funds across space.
At its core, coinbase will be the crypto asset building company. The exchange is leading the campaign to build in new capabilities so as to ramp and scale infrastructure to handle the mass adoption of cryptocurrencies such bitcoin n the near future.
Assuming leadership position across the US comes naturally to Coinbase management as their primary focus is to become the go-to place for every crypto investor. It continues to evolve the standards of services it offers, and in the course has bee carrying with it other exchanges and service providers to improve their standards. Thus the exchange’s attempts to improve and offer seamless services have to appreciate.
The latest funds that the exchange has at its disposal from some of the finest and defining venture capital companies in the world is aimed at bringing about disruptive and positive development from across the industry stakeholders.
CEO Brian Armstrong
According to the founder members of the exchange, the key reason they are continuing to offer only a few assets on their exchange is that they are focused on being compliant with the needs and laws of the United States Securities and Exchange Commission.
Typically the option of exercising an investment-seeking instrument such as the Series E funding is that there is an IPO in the near future. CEO of Coinbase Brian Armstrong has been highly articulate in terms of his desire to take Coinbase into public company structures.
Coinbase Chief Operating Officer, Assif Hirji said:
“We see hundreds of cryptocurrencies that could be added to our platform today, and we will lay the groundwork to support thousands in the future.”
For Coinbase, its popularity is not undermined in any manner thus far, with the exception that its trading volume has been dropping-off in 2018.