Coinbase becomes first Bitcoin Unicorn


Coinbase is on a serious mission to creating an open financial system for everyone around the globe.

The San Francisco startup said the Series D financing was led by IVP, with participation from new investors Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. This officially makes it the bitcoin industry's first billion-dollar startup. Previously, the startup obtained $117 million from the New York Stock Exchange, BBVA, USAA, Andreessen Horowitz, Draper Fisher Jurvetson, and other investors.

The latest funding instalment-which was led by USA venture capital firm IVP-makes the crypto start-up the first one of its kind to be worth more than $1 billion. Established in 1980, it has already invested in more than 300 companies, 106 of which have gone public.

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Coinbase co-founder Brian Armstrong notes that IVP has worked with some interesting businesses like Netflix, Slack, Snap, Twitter and more. According to Reuters, Pitchbook data indicates that Coinbase had raised more than $75 million in 2015, followed by $10.5 million in July 2016. It is going to improve its customer experience by expanding its engineering and customer support teams. Having exchanged over $25 billion for their customers and being widely regarded as one of the most high-profile digital currency organizations, Coinbase attracts a significant volume of users and remains one of the most user-friendly on-ramps into the world of cryptocurrency, especially for those unfamiliar with the technology.

"Coinbase has experienced unprecedented growth over the previous year, and we have now exchanged over $25 billion United States dollars of digital currency for our customers", a spokesperson for Coinbase told SiliconANGLE via email. "The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies". Coinbase's not so secret, Secret Master Plan for global domination can be read here.