Tiger Global Venture Successfully Raises $3.75 Billion in Funding, Possibly Led by Coinbase’s $500 Million
Tiger Global has officially finished with fundraising of the latest venture capital fund, allowing them to raise $3.75 billion for their efforts. The fund has been named Private Investment Partners XI, and it targets software that deals with consumer internet and cloud, and other industry-specific programs.
It also focuses on direct-to-consumer companies that are found within the United States, China, and India.
Based on the substantial funding, the crypto community is wondering if the $500 million investment from Coinbase has anything to do with the success. Based on reports, there’s a deal in the works that Coinbase is working to close for $500 million with Tiger Global. If completed, then Tiger Global would reach an $8 billion valuation, which would make it one of the most valuable startups that is presently active within the United States.
Coinbase is being toted as a crypto “unicorn” in the industry, holding down a value of $1.6 billion last year, which can could be due to the series D funding round that helped them raise $100 million then. Coinbase is also the first company that has managed to exceed $1 billion in revenue within the cryptocurrency community.
The company has been in a constant state of innovation, working to add new features and coin listings for the platform. As a result, more users are gravitating toward the platform, continually adding to the 20 million user accounts that are currently on the platform.
Coinbase recently announced that they would be establishing an office in Dublin to help them with their progress in Europe. The decision to get involved in Dublin was due to the “city’s diverse talent pool and long-standing support for technological innovation, including a burgeoning cryptocurrency economy.”
The team from Dublin will be offering help to the London Team, while taking on the hosting responsibilities of business-related functions.
In June, Coinbase also expressed interest in expanding to the Japanese market and has already started speaking with the Japan’s Financial Services Agency (FSA) in an effort to get an approval for registration. The chief policy officer for Coinbase, Mike Lempres, recently said that the talks were going well, and he’s expecting the approval to happen within the next year.
The following month, Coinbase started offering cold-storage options for cryptocurrency assets through a custody service. The service is specific to institutional clients, and the company managed to get investments from 10 different hedge funds and family offices, even after just a week of offering the support.
Always working towards innovation, Coinbase also started working on banking support that would allow investors to exchange pound sterling for crypto tokens. Right now, UK customers have the power to both purchase and sell certain assets, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin with the use of Coinbase with pound sterling. Before now, users had to convert pound sterling into euros to make a transaction.
It seems that Coinbase is consistently progressing towards establishing themselves as the most customer-focused company in the entire industry.