With demand for Bitcoin and other digital currencies continuing to increase, it seems as though each day brings news of some new milestone in the cryptocurrency universe. Bitcoin exchange Coinbase could soon achieve its own milestone in the coming weeks, as the company is reportedly in negotiations with investors to raise capital that could result in the exchange eventually being valued at a billion dollars or more.
The Wall Street Journal broke the story, with other media outlets following up on that initial report. According to CNBC, the targeted funding round could be as much as $100 million. If successful, that investment would represent a new milestone for the digital currency space. CNBC also reported that previous funding efforts have seen Coinbase bring in more than $116 million from a variety of investment sources - including the New York Stock Exchange, several banks, Andreessen Horowitz, and others.
The news comes at a time when Coinbase’s exchange activity has seen a tremendous surge, as new traders have entered the cryptocurrency markets. At one point last month, trading activity had been so heavy that Coinbase’s systems were temporarily unable to keep pace with user demand. The exchange has reportedly taken measures to correct the deficiency and no major disruptions have been reported in recent days.
Reports on the funding negotiations have yet to provide details about the identities of the investors, and the company has offered no confirmations or denials at this point in time. Reuters was reportedly unsuccessful in its efforts to obtain a comment on the matter from Coinbase representatives.