Hope and fear as tourists trickle back to Kashmir town after attack    Spain and Portugal scramble to restore power as officials chase cause of outage    Israel spy chief to step down after row with Netanyahu exposes deepening rifts    Saudi, Omani foreign ministers visit Rub' Al-Khali border crossing    From his own resources... Luminous lessons in leadership and humanity    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Prince Sultan University launches first bachelor's program in language and media    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Digital currency exchange Coinbase raises US$100m, hits US$1b valuation
Published in Alriyadh on 11 - 08 - 2017

Digital currency exchange Coinbase announced on its blog on Thursday that it has raised US$100 million in so-called "Series D" funding led by U.S. venture capital firm IVP, making it the first bitcoin start-up to achieve a valuation of at least US$1 billion.
Start-ups with a US$1 billion valuation are part of what is called a "unicorn" club in the venture capital industry. The US$1 billion valuation was estimated by data and research provider Pitchbook.
Series D is generally the fifth stage of funding, following a seed investment, and series A through C rounds.
With the new investment, Coinbase has raised US$217 million since it launched in 2012. It raised US$75 million more than two years ago and then secured an additional US$10.5 million in July 2016, Pitchbook data showed.
The other participants in Coinbase's Series D funding were Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Draper Associates was an investor in a previous financing round, Coinbase said.
The funds will be used to finance the company's expansion, Brian Armstrong, chief executive officer and founder of Coinbase, said on the company's blog. Specifically, Coinbase wants to increase the size of its engineering and customer support teams and open an office in New York for GDAX, the company's trading platform for institutional investors.
Coinbase, which operates in 32 countries, said it also wants to grow its investment in Toshi, a browser for the Ethereum network. Ethereum is blockchain, similar to that of bitcoin.
Armstrong said Coinbase is beginning to transition into the third phase of its expansion and wants to build digital currency applications for consumers.
"The key feature of this application will be that it dramatically lowers the hurdle for new digital currency applications to be developed and used by ordinary people," Armstrong said.


Clic here to read the story from its source.