CoinDesk data revealed that Coinbase raised US$100million through Series D funding –the largest single traditional funding round for a public blockchain or cryptocurrency start-up.
The round was led by Silicon Valley venture firm, Institutional Venture Partners, that counts digital start-ups and tech, including: Dropbox, GitHub, Netflix, Battery Ventures, Draper Associates, Greylock Partners, Section 32 and Spark Capital as clients.
Coinbase raised more than “any other industry firm” that has been funded through accredited investors, with its round completion raising more than US$217million.
The digital asset exchange company now accounts for 10% of venture capital investment in blockchain start-ups.
According to Coindesk, a statement by Coinbase said: “It would use the funds to expand its customer support and engineering teams.”
CoinDesk also noted that ICO Tracker’s blockchain projects have raised over US$1.6billion through selling cryptographic data, designed to power their protocols through a funding method known as an initial coin offering or token sale.
Written by Leah Alger