Once again, for the umpteenth week in a row, Coinbase, the crypto industry’s golden child and star player, hit headlines all across the web, as reports surfaced that the prominent, world-renowned startup is set to be valued at a staggering $8 billion in an upcoming funding round.<\/p>\n
When users first step foot in the cryptosphere, Coinbase is usually their best bet, as the firm’s easy-to-use platform makes cryptocurrencies accessible to anyone and everyone. Coinbase’s influence has been clearly reflected by the San Francisco-based startup’s valuation, which swelled to a hefty $1.5 billion in 2017.<\/p>\n
But, speaking with Recode<\/a>, a Vox-affiliated\u00a0technology news outlet, insiders claimed that the firm is in the midst of inking a deal that will value the startup at $8 billion, a five-fold increase in comparison to Coinbase’s publicly-reported valuation in 2017.<\/p>\n According to those familiar with the matter, Tiger Global, a prominent New York-based investment fund, and Coinbase are participating in closed-door discussions that could see the fund and its shareholders obtain a stake in the privately-operated crypto platform. More specifically, the inside sources added that Tiger Global’s potential investment could see the fund buy out a smattering of current shareholders, which may indicate that Tiger could potentially be paying quite the premium for shares.<\/p>\n Although Coinbase’s publicly-available\u00a0cryptocurrency exchanges have undoubtedly seen a sharp drop-off in interest and active volume, the startup is still set to post profits, even amid expensive, likely overly-ambitious expansion plans that saw the firm bolster its product roster.<\/p>\n It is important to note that if the rumors are true, and if the deal goes through, Coinbase will become one of the most valuable startups on the entire planet, which validates the fact that crypto has the potential to become a strong player in global industries. In fact, the startup may hold more financial influence than Robinhood, another notable US-based fintech startup,\u00a0which was valued at $5.6 billion in a mid-2018 financing round.<\/p>\n Mike Novogratz, the CEO of Galaxy Digital and Wall Street’s leading crypto bull, corroborated the aforementioned sentiment, telling CNBC<\/a> that Coinbase’s newfound valuation indicates that crypto is much more than the “tulip-mania” of this century.<\/p>\n NewsBTC’s very own Joseph Young also had something to say on the trending topic, as he astutely pointed out that the valuation of the firm quintupled, even in the depths of crypto’s most recent bear market, which was the shakedown in many respects. As added by Joseph, this valuation clearly indicates that investors, venture capital firms, and a select group of\u00a0institutions truly believe in the “long-term growth of the crypto market.”<\/p>\n https:\/\/twitter.com\/iamjosephyoung\/status\/53586688<\/p>\n BitcoinBirch, as the Bitcoin Bravado co-founder is known on Twitter, said much of the same, alluding to the fact that the arrival of Coinbase’s aforementioned investor confirms that crypto has a future, just like CFTC Chair Chris Giancarlo said in a recent interview, as reported by NewsBTC<\/a>.<\/p>\n Coinbase is valued at $1.5bn<\/p>\n If they raise $500mm during this round (looks likely) they\u2019ll have a post-money valuation of $8 BILLION \ud83d\udd25<\/p>\n This would make them one of the most valuable (and profitable) private companies on earth.<\/p>\n But ok $BTC<\/a> to 3k crypto is scam\ud83d\ude44<\/p>\n — Birch (@BitcoinBirch) October 3, 2018<\/a><\/p><\/blockquote>\n\n