Bitcoin company Coinbase receives $75 million in funding

Beijing time, January 21st morning news, according to the US "Fortune" report, Bitcoin company Coinbase C round of financing of 75 million US dollars, which is the largest financing obtained by the Bitcoin company to date.

The financing of the project was led by Draper Fisher Jurvetson, with participation from financial institutions including the New York Stock Exchange, United Services Automobile Association, Banco Santander, NTT Docomo, Valar Capital, Vikram Pandit, Tom Glocer and Carlos Rodriguez Pastor. According to Re/Code, the transaction is estimated to be worth $400 million.

Coinbase founder Fred Ehrsam said: "In October, our initial reasonable estimate was to raise $50 million." Ehrsam also pointed out that the previous rumor of a $100 million target was unfounded. "I don't know where this rumor came from, but people in the Bitcoin community always try to hype everything because those people hold Bitcoin."

It is good news that Coinbase has been able to raise funds from financial institutions such as the New York Stock Exchange and the Spanish Banco. The value of Bitcoin has shrunk by 75% in the past year, but Ehrsam believes that the price drop has not affected investor interest. These will improve the Bitcoin ecosystem: Bitcoin miners have learned an important lesson about periodicity and fee management.

“Price volatility is bad for some uses of Bitcoin, but at the same time our users have grown from 600,000 to 2.1 million, so price volatility doesn’t cause a drop in the number of users who have signed up to our site,” Ehrsam said.

Coinbase, which has raised more than $105 million since it was founded in 2012 and now has about 100 employees, 50 of whom work full-time at its San Francisco headquarters, hopes to launch a new website soon to help outside developers build bitcoin-based applications.