Coinbase becomes first Bitcoin Unicorn

Bitcoin coins are seen at La Maison du Bitcoin in Paris

"This represents a major milestone for our mission to create an open financial system for the world", said Coinbase CEO, Brian Armstrong. The round was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates.

Digital currency exchange Coinbase announced on its blog on Thursday that it has raised $100 million in so-called "Series D" funding led by US venture capital firm IVP, making it the first bitcoin start-up to achieve a valuation of at least $1 billion.

The round, which follows from a previous capital raise of $10.5 million in July 2016, is reported to confer a $1.6 billion valuation, breaking two records: the largest single round raised by a bitcoin exchange and the first bitcoin exchange to become a "unicorn", a startup with a paper valuation in excess of $1 billion.

The latest funding instalment-which was led by United States venture capital firm IVP-makes the crypto start-up the first one of its kind to be worth more than $1 billion.


With the new investment, Coinbase has raised $217 million since it launched in 2012. They include Dropbox, Slack, Netflix, Twitter, and Snap. It also makes the bitcoin platform the most well-capitalized cryptocurrency company, with more than $200 million in total funding and a post-money valuation of $1.6 billion, almost triple their rumored valuation in 2015. Having now exchanged over $25 billion in digital coin, Coinbase is becoming a serious business.

The funding will be used to expand the company's engineering and customer support teams, open a GDAX office in New York City, and invest in Toshi, an ethereum-based browser, to help advance digital currency into a global payment network.

Armstrong said Coinbase is beginning to transition into the third phase of its expansion and wants to build digital currency applications for consumers. Coinbase's not so secret, Secret Master Plan for global domination can be read here.

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