A digital currency startup Coinbase has raised $100 million in Series D funding. It’s valuation now $1.6 billion, which makes it the first crypto assets start-up to become a unicorn — a company with valuation greater than $1 billion, Forbes reported.
The Series D funding was led by top venture capital firm IVP which previously invested in Dropbox, Netflix (NASDAQ: NFLX), Twitter (NYSE: TWTR), Slack and others.
Coinbase had also raised $117 million from Andreessen Horowitz, the New York Stock Exchange, Draper Fisher Jurvetson, USAA, BBVA before the Series D funding.
Besides, it should be pointed out that Coinbase whose mission is to create an open financial system for the world has benefited a lot from the huge surge of interest in Bitcoin and Ethereum due to initial coin offerings in 2017.
The company became one of the leading institutional crypto trading platforms in the U.S. with Global Digital Asset Exchange.
Coinbase admitted in a statement that it has exchanged more than $25 billion to digital currency and experienced "unprecedented growth over the last year”.
The Wall Street Journal previously called Coinbase a "hugely profitable” company.