The rumors about an imminent IPO for Coinbase were fanned by the largest crypto exchange in the US on Tuesday as it revealed a successful Series E fundraising. Coinbase raised $300 million at a post-money valuation of $8 billion. The funding round was led by Tiger Global Management. The exchange talked about using the funds for accelerating crypto adoption in the world and stated that it will always be a crypto-first company.

Coinbase, Crypto Adoption, and Web3

In a blog post announcing their new fundraising, Coinbase laid a strong emphasis on cryptocurrencies and their underlying technology and called them a breakthrough in computer science. It went on to suggest that crypto holds immense promise in building Web3 which gives power and control back to the users and creates better economic opportunities globally.

The $300 million Series E funding was led by Tiger Global Management. Other prominent participants were YCombinator Continuity, Andreessen Horowitz, Wellington Management and Polychain.

Coinbase suggested that it will use the finances to expand globally, working on building fiat to crypto infrastructures around the world. It also said that it would add more digital assets, more quickly, noting:

“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.”

It would also work on the Coinbase Wallet and other utility support for cryptocurrencies. Finally, Coinbase would be doubling down on its efforts to expand its institutional businesses, especially its custodial services.

Is an IPO Coming Soon?

The company didn’t talk specifically about an IPO but the numbers it quotes are quite similar to those revealed recently by OnChain Capital founder Ran NeuNer. He revealed last week that Coinbase would eventually go for an IPO at $8 billion valuations through preferred equity and common stock.

Coinbase wrote in its blog post that it will always remain a crypto-first company. If it goes public, it will create a huge stir in the crypto markets. Note that Coinbase hasn’t provided a timeline or specifics into its plans for going public yet. The company is profitable, but the steep decline in its revenues owing to the bearish cryptocurrency markets cannot be ignored.

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