Coinbase’s New $300 Million Investment Leads Company To Promise “Hundreds Of Cryptocurrencies” Adoption
News broke on Twitter this morning as Coinbase announced their success in a recent funding round. The post read, “We're pleased to announce our latest funding round, led by Tiger Global Management. We plan to accelerate our global expansion and investments in the utility phase of crypto—always working to create a more open financial system for the world.”
The Twitter post linked to their Medium blog to explain all of the possibilities that happen with the new investment. On the blog, the new funding will help speed along the process with the following goals:
- “Global expansion – building the infrastructure between fiat and crypto in regulated markets around the world”
- “Offering more crypto assets, quickly — we see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future”
- “Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet”
- “Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space”
Many investors are examining exactly what kind of progress this symbolizes for the cryptocurrency industry, especially amongst institutional investors. Coinbase has been continually victorious through the year, despite the challenge that other cryptocurrency platforms have faced. The success last year brought in plenty of retail investors, but the stability of Coinbase leads them to believe that they will see better revenue through the bear market.
CEO of Coinbase, Brian Armstrong, has expressed that the bear market provides his staff with the opportunity to “build a strong foundation” so the platform “can thrive in the next growth cycle.” The solid foundation has helped them increase revenue and survive, while others have succumbed to the decline of the market.
NewsBTC has even been as boned as to say that Coinbase’s perseverance has allowed them to push along “in an almost unstoppable way” in a recent article. There have been many acquisitions that have continued their profitability, including Paradex, Earn, and Toshi Wallet. They have also started to target institutional investors with their products, improving upon their existing crypto custody solutions and making the process simplified. Though some platforms have abandoned their former efforts to appease this group, Coinbase has managed to find a balance that benefits retail and institutional investors.
Aside from the products and services, the new listing policy with Coinbase will make it possible for many more cryptocurrencies to enter their space. Coinbase is working on establishing protocols and processes that would let them become a regulator-approved securities broker-dealer. They have already established a Political Action Committee that will help them improve their lobbying leverage. To literally put themselves right alongside institutional investors, they have also opened a New York City office to get closer to Wall Street.
Based on their aim of listing “hundreds of cryptocurrencies” on their platform, holders of XRP and TRX are wondering if these assets are coming to the exchange next. With XRP ranked 3rd and TRX ranked 11th, they definitely have the market capitalization to garner interest. According to Ethereum World News, “it is safe to conclude that the team at Coinbase probably has the two assets on their radar for listing given their prominence in the crypto markets. The two coins are popular amongst traders and both have the backing of large crypto communities from all corners of the globe.”