Coinbase Grabs $25M Investment Led by Andreessen Horowitz
December 16, 2013
Coinbase, a bitcoin wallet and platform that allows merchants and consumers to transact with bitcoin, has raised $25 million in new funding led by Andreessen Horowitz, with participation from existing investors Union Square Ventures and Ribbit Capital, among others. According to its blog, the company plans to use the funds to expand its team, continue to educate on the market and promote the mainstream adoption of bitcoin. Coinbase previously raised $5 million of Series A funding at a valuation of $22 million this past May. As part of the transaction, Union Square’s Fred Wilson and a16z’s Chris Dixon are joining Coinbase’s Board of Directors.