Coinbase keeps on growing

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Lightspeed Venture Partner Semil Shah called Coinbase “The Breakout Company of 2017” and in 2018 the US-based exchange held a “12 days of Coinbase” in which it introduced features such as instant PayPal withdrawals, as well as Coinbase Earn, which is a modified version of

More funding

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. Tiger Global Management led this latest round, with participation from Andreessen Horowitz, Y Combinator Continuity and Polychain Capital among others.

More startup investments

Through its investment arm, Coinbase Ventures, it has also been busy investing in startups, including crypto data API Nomics, Starkware, Abacus Protocol and Securitize. It has previously invested in Reserve — a stablecoin project and Unlock Protocol — an access control protocol built on the Ethereum blockchain, along with acquisitions such as Cipher Browser.

More crypto assets added

And on its exchange it added a swathe of new assets including, BAT, CVC, DAI, DNT, GNT, LOOM, MANA, MKR, ZIL and ZRX.

Coinbase also rolled out support across six European countries — Andorra, Gibraltar, Guernsey, Iceland, Isle of Man, and Lithuania. Furthermore, it procured a licence under the New York State Banking Law which allows it to operate as a qualified custodian. This paves the way for coinbase to allow for complex crypto centric services to be laid out in the future, such as a staking solution for hedge funds who hold a significant amount of Ethereum.

Brian Armstrong’s view

In a letter sent to Coinbase employees, CEO Brian Armstrong wrote:

“Our goal is to maintain the trusted experience our customers have come to expect while adding the assets our customers have come to demand. This quarter, we added more assets than in our entire prior history as a company, and expanded our services to more people in different countries. […]

I continue to be so impressed by the ability of this team to execute on aggressive timelines, all while solving problems that have never been solved before. This was a year of scaling Coinbase up to meet the demand of the market and efficiently executing to serve our customers.”

It’s been an impressive 2018 for Coinbase — will it have an even bigger 2019?

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