Coinbase is currently in the process of settling a deal which would see the exchange valued at around $8 billion USD. This would set the company as one of the most valued startup companies in the United States.
According to Record, Coinbase is in conversation with Tiger Global and its shareholders regarding an investment, which could feature a some $500 million USD figure. Sources tell that Coinbase is also expecting to peg on an additional $250 million USD in new money to its own coffers. The report also explains that another potential $250 million USD could go to buying out existing investors.
Tiger Global is a major investment firm based in New York. The company tends to gear itself towards making massive deals with companies in brands which attracts a large consumer-base. The company invests in private and public markets, and is held in high esteem by Galaxy Digital’s CEO Michael Novogratz, as reported by CNBC:
“Here’s the poster child of the crypto space worth $8 billion USD — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys”.
Earlier this year, Coinbase snapped up Earn.com in a $100 million USD deal, according to sources at the time. This major acquisition followed a series of other companies that Coinbase had obtained. In light of these acquisitions, as Recode reports, it makes sense that this deal would value the company at about $8 billion USD”.
Coinbase has been moving quickly over the year to establish itself as a trustworthy company despite the risky industry. Today it was announced that Charles Schwab board member Chris Dodds would be joining their board of advisories in order to “[bring] world-class leadership skills, deep knowledge of the financial services industry, and significant financial and accounting experience” to the company.
With these movements, Coinbase could be making advancements not only to place itself on the reputable map but put cryptocurrency in good stead too.