US cryptocurrency exchange Coinbase has been valued $8 billion

US cryptocurrency exchange Coinbase has raised fresh funds at a valuation of more than $8 billion, underscoring the interest that investors have in the sector despite sharp declines in the price of many digital coins. The California-based company said yesterday that it had raised $300 million in investment “to accelerate the adoption of cryptocurrencies and digital assets”. The funding round was led by Tiger Global Management, with other participants including Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain… The valuation of the company following the latest round would be a big jump from the last time it raised funds, having been valued at $1.6 billion in summer 2017 after attracting $100 million and becoming the first cryptocurrency “unicorn” start-up. Coinbase is a main trading venue for cryptocurrencies, including bitcoin, the most actively traded digital coin. Bitcoin has tumbled from peaks near $20,000 at the end of last year to around $6,200 yesterday. Bitcoin’s fall has come amid tighter regulation and persistent concern over whether mainstream investors will become more deeply involved in the market, even as existing investors in the market have racked up losses.

Adam Samson