Within two years of formation Coinbase has been able to make big to the Bitcoin. Now, the company has raised $25 million in a Series B round led by Andreessen Horowitz. This is the largest funding to date for a company focused on the Bitcoin digital currency. The round brings the total raised by Coinbase up to $31 million, which is a mega success for the company.
Coinbase which came out of Y Combinator, provides a wallet and payment processor for merchants which are quite similar to PayPal. Now, with Coinbase, online transactions have become easy and even cheaper. Moreover, with more than 600,000 consumer wallets, the company is willing to further expand its reach and operation.
The co-founders Fred Ehrsam and Brian Armstrong are not leaving any stone unturned to make it even bigger and for that they bring attractive services. The company which started with its first venture round of $5 million from Union Square Ventures has been receiving customers in large numbers recently and wishes to expand its infrastructure to meet the expanding requirements.
The Success Story of the Bitcoin Startup
Though initial funding was tough and co-founder Brian Armstrong had to struggle just to explain the idea of Bitcoin to investors, the unprecedented success of Coinbase is setting an example and a challenge to other startups. Yesterday, the company announced that it had raised what may be the largest funding round to date in the Bitcoin space and all set to embark to the new league.
The venture capitalists are showing great interest in Bitcoin, particularly Coinbase which reveals that it has raised $25 million in a Series B funding round led by Andreessen Horowitz, the VC firm founded by Netscape founder Marc Andreessen. According to Bitcoin observers this news will bolster other venture capitalists to come forward and make the Bitcoin economy larger.
Earlier Winklevoss brothers too invested in Bitcoin as the feel that it has a bright prospect. Now, this funding is being seen as another vote of confidence for the Bitcoin startup space from one of the most influential venture capital firms in Silicon Valley. Nonetheless, Bitcoin which reached the $1200 benchmark just a couple of weeks ago will get a further boost from such developments.
Coinbase with the funds pouring in will plan to expand their team, continue to educate people, and promote the mainstream adoption of Bitcoin.
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