Bitcoin Startup Coinbase Picks Up $5M from Union Square
May 09, 2013
San Francisco-based Coinbase, a virtual exchange for the online-only Bitcoin currency, has raised $5 million in venture funding from lead investor Union Square Ventures and participant Ribbit Capital. Founded last year, Coinbase is a Y Combinator graduate that allows users to buy and sell Bitcoins, and offers merchants options to accept the online currency as payment for goods and services. Coinbase has said the fresh funding, a Series A round, will allow the company to hire new employees and cover operating costs.