Days after stories emerged that Tiger Global had led the $245 million round for payments platform Stripe, the agency has set its sights on cryptocurrency buying and selling platform Coinbase.
The six-year-old firm is in negotiations with Tiger International to lift as much as $500 million at an $8 billion valuation, per Recode.
Coinbase declined to touch upon the deal.
Coinbase was most lately valued at $1.6 billion following a $100 million round in August 2017, although the corporate had beforehand valued itself at $8 billion amid acquisitions talks with cryptocurrency startup Earn, for which it paid $120 million in April.
Capital from the upcoming deal could also be used to purchase out shareholders. San Francisco-based Coinbase, a number one digital forex trade, is backed by Andreessen Horowitz, Ribbit Capital, Union Sq. Ventures, IVP, Spark Capital, Greylock Companions, Battery Ventures, Part 32, Draper Associates and a number of other others. It’s raised $225 million in fairness funding so far.
Tiger International, for its half, is a agency recognized for its crossover investments in rising know-how firms. The 16-year-old New York-based agency typically writes sizable checks in late-stage firms like Spotify, Ola and Flipkart. Recently, it’s additionally been busy writing smaller checks. Within the final 12 months, it’s led hashish startup Green Bits’ $17 million Sequence A and took part in subscription billing and payment service Chargebee’s $18 million Series C.
Based on PitchBook, Tiger International has participated in 24 enterprise capital rounds up to now in 2018.
This morning, Coinbase introduced two new hires. The first is Jonathan Kellner, who joined as a managing director of its institutional protection group. The previous CEO of Instinet will lead institutional gross sales and assist organizations and can give attention to Coinbase’s effort to introduce cryptocurrency to hedge funds and different conventional institutional traders.
The second addition is Chris Dodds, who will be part of Coinbase’s board of administrators. He at the moment serves on the board of Charles Schwab and is a senior advisor to The Carlyle Group.
Coinbase has made a number of additions to its C-suite this 12 months because it enters a significant progress part and presumably preps for an IPO. Most lately, it brought on a former Fannie Mae exec Brian Brooks as its chief authorized officer and LinkedIn’s Michael Li as its head of data.