Sources have revealed that Coinbase has raised $100 million in series D funding. It was the largest single traditional funding round for cryptocurrency start-up and public blockchain.
Institutional Venture Partner runs the roundup. It is a Silicon Valley venture firm which counts for biggest digital startups. It includes enterprises like Netflix, GitHub Dropbox and other biggest startups midst its portfolio. Other participating ventures are Greylock Partner, Section 32, Spark Capital and Draper Associates.
However, $217 million is the collective funding of Coinbase that has been raised from accredited investors. In fact, now it is clear to say that Coinbase accounts for 10% of concluding venture capital that has invested in blockchain startups.
Furthermore, the funds will be used to inflate the engineering team and customer support by Coinbase. This follows earlier commitment towards growing support to resolve customer complaints courteously.
Since its foundation in June 2012, Coinbase has raised industry’s largest funding rounds to date. Recently, in early 2015, Coinbase has completed a series of C funding worth of $75 million from investors group including NewYork Stock Exchange and Fortune 500 Financial services group USAA. Alongside, it has also raised $10.5 million from Mitsubishi UFJ.
Though in this context Series C and D rounds marks among the industry’s largest rounds.
However, $100 million round of Coinbase still less than $107 million elevated by distributed ledger startup R3 as series A round as per May.