Bitcoin Company Coinbase Rumored To Be Raising Up to $60 Million Led By Timothy Draper’s DFJ

November 15, 2014 3:37 AM UTC

Timothy Draper, co-founder of VC firm DFJ, is putting more money into the Bitcoin ecosystem, reportedly. Coming across the wire today by way of Re/code is news that Coinbase Series C funding is being raised right now. According to sources close to the deal, Coinbase is expected to take in between $40 million and $60 million USD in fresh new capital. The new round is expected to be led by DFJ. Coinbase has previously raised $31 million USD in funding over the last few years.

Since Coinbase’s inception in 2012, the company has received recognition both from within and from outside the Bitcoin community. Time Magazine listed Coinbase as one of the top 10 most exciting startups of 2013, and they have only been chugging along since. Coinbase is now making headway into Europe and is also available in 6 languages. Coinbase has a unique position as a leading Bitcoin wallet, Bitcoin buying/selling, and Bitcoin merchant services provider.

Update: Coinbase is unable to comment on the developing story; TechCrunch reports that their sources say only $50 million is being raised.

Also read: Coinbase Raises $25 Million Led By Andreessen Horowitz

Coinbase Previous Funding Rounds

When Coinbase first nabbed $5 million USD in funding in May of 2013, it was the largest fundraise for a Bitcoin startup (Because all Bitcoin companies are still startups) ever. Now, other companies have also reached that important marker. Back in April, Coinbase secured $25 million in funding led by VC fund Andreessen Horowitz. Other participants in Coinbase’s Series B included Union Square Ventures and Ribbit Capital, which were part of Coinbase’s Series A funding. It isn’t too farfetched to assume that some of these firms may be back for a third round.

Other Notable Fund Raisers This Week

Another interesting funding round recently closed and publicized that bears mention is that by Onename. In contrast to Coinbase, which is at its heart a centralized service, Onename has gone completely open source and decentralized. Recognizing the public pressure for such moves, Coinbase has implemented multi-sig in their Coinbase Vault.

What do you think about Coinbase’s pending new round of funding? Comment below!

Images from Shutterstock.

Last modified: August 4, 2020 6:59 PM UTC

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Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.