Today’s news confirms rumors that first surfaced in early October, which explicitly named Tiger Global as being likely to soon close a deal with the exchange. As reported at the time, Tiger Global Management is an investment firm founded in 2001 that invests globally in both private and public markets.
According to Coinbase, the funds will be used to “accelerate” the adoption of cryptocurrencies, with plans to build infrastructure to support regulated fiat-crypto trading globally, and to lay the foundations for the support of “thousands” of new cryptos in future.
The funding will also be invested in further developing Coinbase’s proprietary wallet and to create new “utility applications,” such as the platform’s recent move to launch a stablecoin, dubbed USDCoin (USDC), together with blockchain tech firm Circle.
