Cryptocurrency exchange Coinbase plans to add hundreds of new assets. The extension proposal is one of the areas of exchange development, which will receive additional funding. About it in the Coinbase blog was written by the President of the company Asif, Hirji (Asiff Hirji).
“In our field of vision — hundreds of cryptocurrencies that we could add on our platform today and in the future we will conduct preparatory work to Coinbase could support thousands of assets.”
Financial investment aimed at expanding proposals for pairs trading on Coinbase will be provided with proceeds from the recent investment round of series E. during this round of the exchange managed to raise $300 million; it was attended Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain Capital and Tiger Global Management.
Thanks to the funds raised the total cost of the business Coinbase has reached the previously announced private exchange valuation of $8 billion.
During an interview for Bloomberg, Hirji said that the exchange does not need funding, but decided to attract new investments on the basis of “opportunistic” reasons:
“Companies that want to invest in us, understand what we are talking about the next wave of technological innovation. It was opportunistic round. We did not need to look for and to attract capital”.
According to Bloomberg, Coinbase originally hoped for more revenue, but some investors became more skeptical of the prospects for cryptocurrency startups the current bearish trend
“As for this round, we were not interested in investing companies that have no constructive opinion on cryptocurrencies. This round and the future of cryptocurrency in General, you shouldn’t have to put the value of the assets at the forefront”.
In addition to the diversification of tradable assets, Coinbase plans to use the funds to expand into new international markets, and to implement new features and assets on its platform for institutional investors, which recently received a license to provide custodial services in the territory of the state of new York. In addition, the exchange will receive additional funding to develop “practical and useful” cryptocurrency solutions.