Coinbase, a San Francisco based startup promises to add hundreds of cryptocurrencies into its platform in the near future. The president and COO of Coinbase, Asiff Hijri notified crypto investors that the firm had raised $300 million of investment with a valuation of whopping $8 billion.
These funds will be used to introduce more cryptocurrencies and accelerate the adoption of digital assets to build the next phase of the internet which will be decentralized.
At the moment Coinbase is present in 32 countries and only facilitates trading for Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ethereum classic.
The $300 million was a series E equity round of funding led by Tiger Global alongside Y Combinator, Andreessen Horowitz, Wellington Management, Polychain and other investors. Coinbase has raised a total of $525.3 Million in funding in 7 separate rounds.
The funds raised will be used to
- Expand Globally by building an infrastructure between fiat and crypto in regulated markets all around the world.
- Adding more cryptocurrencies for trading like XRP, TRX and many more
- Introducing custody services to the crypto space to bring in more institutional funds
- Continued Development of Coinbase wallet
- Support for Circle’s USDC
Beneficial for TRX and XRP
Majority of cryptocurrency investors who hold TRX and XRP are hopeful that Coinbase will list them in their exchange. Looking at the rankings of XRP and TRX right now are at 2nd and 11th respectively. It’s inevitable that the listing will happen but when it does, it will be available to millions of cryptocurrency investors who use Coinbase’s platform. This will spike up the trading volume to higher levels thus benefitting these cryptocurrencies.
These two cryptocurrencies will be used to trade on the Coinbase platform along with many other cryptocurrencies but XRP and TRX will benefit significantly because of their large fanbase and crypto-communities present all around the world.