Cryptocurrency exchange giant Coinbase recently announced that a Charles Schwab board member would be joining its board of directors. Coinbase is also looking to close a $500 Million deal with Tiger Global, a global investment firm that serves both public and private markets.
Expanding Financial Services Capabilities
A San Francisco-based crypto exchange long considered an industry leader, Coinbase is looking to expand its financial influence to an even greater extent.
Brian Armstrong, the CEO of Coinbase, revealed in an October 2nd blog post that Chris Dodds will join the Coinbase board of directors. Prior to this, Dodds was a senior private equity advisor who served on the Board of Directors of the Charles Schwab Corporation.
In the blog post, Armstrong elaborated that Dodds’ experience in the financial and accounting fields would “be an asset to the Coinbase leadership team as we focus on scaling our business.”
The CEO also declared that the addition of Dodds was part of an effort to, “expand our financial services capabilities as we head into this next chapter for the company and the cryptocurrency industry as a whole.”
An Investment Deal That Could Inject Integrity To The Industry
Along with bringing Dodds on board, Coinbase is seeking to close an investment that could total $500 Million with global investment firm Tiger Global. The deal is currently in the works with discussions conducted between Coinbase, Tiger Global and its shareholders.
This has led to speculation that the crypto exchange could enlarge its coffers by about $250 Million as it spends up to $250 Million to buy out investors. If the investment deal would pan out, the value of Coinbase would be estimated at approximately $8 Billion.
This value would in turn position Coinbase in the top of the highest-valued startups in the United States. It would, therefore, bolster the credibility of the cryptocurrency industry.
The $8 Billion figure is also roughly the amount that the company valued itself at during its equity package pitch to Earn.com investors in April.
Despite rugged market conditions impacting Coinbase’s operations, the exchange received a valuation of about $1.5 Billion last summer. This was prior to the soaring consumer interest in cryptocurrencies that closed out 2017.
Moreover, Coinbase said in September that it had hit its 2018 hiring target with its approximately 500 staff members.
Along with these news items, Coinbase has been expanding its services in the past few weeks. At the end of September, the exchange announced a range of new investment tools that appeared to be targeted towards new crypto investors.
These new tools were: Coinbase Bundle and Coinbase Learn and the educational Informational Asset Pages. Just a few days ago, Coinbase changed its listing policy to increase the number of offerings.
The new policy allows creators to send in listing applications for free — as opposed to merely waiting to be contacted by Coinbase. Additionally, coins are able to be regionally listed if they are found to be compliant with applicable regulations.
Interested to learn more about the latest cryptocurrency news? Check out our news site for news and features on all things cryptocurrency, blockchain and fintech.