Digital currency exchange, Coinbase, has raised $100 million in Series D funding.
The round was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Founded in 1980, IVP has invested in more than 300 companies, 106 of which have gone public. Notable IVP investments include companies such as Dropbox, Netflix, Twitter, Slack and Snap.
“Coinbase experienced unprecedented growth over the last year, and we have now exchanged over $25 billion of digital currency for our customers. We’ll be using this new funding to continue scaling even further,” says Brian Armstrong, co-founder and CEO of Coinbase, in a blog announcing the news.
Armstrong highlights three specific areas where the exchange plans to invest these funds. Firstly, he says that Coinbase will increase the size of its engineering and customer support teams to improve the customer experience. Secondly, it plans to open an office in New York City for GDAX, the institutional and professional trading platform owned by Coinbase. Thirdly, he says that the firm will invest in Toshi, a browser for the ethereum network, to try and help accelerate digital currency’s shift from being a speculative investment to a global payment network.
“Digital currencies are having their ‘Netscape’ moment. The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies. We’re beginning to transition into phase three of our secret master plan,” says Armstrong.