NYSE, BBVA Part of $75 Million Capital Raise for Coinbase
Jan. 22, 2015
Coinbase, the San Francisco-based bitcoin wallet and platform provider, on Tuesday announced it has raised $75 million in a Series C investment led by DFJ Growth and including participation by The New York Stock Exchange, a subsidiary of insurance giant USAA and BBVA, the global financial institution based in Spain. The company, which enables merchants to accept bitcoin payments, said the raise is the largest funding round ever for a Bitcoin-related company and brings its total funding to $106 million.
Despite Bitcoin’s plummeting price as an investment—it has lost half its value in the past two months—and a recent hack affecting one of its larger exchanges, the fact that the financial world beyond speculative investors seems to have woken up to Bitcoin is significant.
“This marks the first time that financial institutions have made a major investment in a Bitcoin company,” a Coinbase spokesperson told CardNotPresent.com. “Today’s fundraise gives us solid growth capital to continue driving mainstream, global adoption of Bitcoin.”
Coinbase’s consumer user base grew from 600,000 at the beginning of 2014 to 2.1 million in January of this year and the company said it serves 38,000 merchants.